Betr rejects MIXI’s proposed improved buyout of PointsBet shares
Make us a preferred source
Make us a preferred source on Google
The news: Online bookmaker Betr has denied rival takeover suitor and Japanese entertainment company MIXI’s proposal to increase its all-cash off-market takeover offer for PointsBet, which was conditional on Betr’s support.
The numbers: Last week, MIXI proposed to lift its cash offer per PointsBet share it did not own from $1.25 to $1.30, conditional on taking a 90% stake in the company which would have triggered a compulsory takeover.
Betr holds a 19.6% interest in MIXI meaning the proposed improved takeover offer would have required Betr’s support, assuming all other shareholders would accept MIXI’s offer.
The context: Betr’s own all-scrip off-market takeover offer of 4.219 shares per PointsBet share is also open for acceptance.
MIXI, which currently has a 37.86% interest in PointsBet due to acceptances of its takeover offer, also announced it has rejected Betr’s takeover offer.
The two companies have been trying to outbid each other for PointsBet throughout the year.
The source: ASX
