Betr shares plunge after takeover rival MIXI confirms 66% interest in PointsBet
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The news: Shares in online bookmaker Betr plunged in afternoon trade after rival PointsBet suitor Japanese entertainment giant MIXI confirmed it has secured a 66.43% relevant interest over the target at the close of its off-market takeover offer.
The numbers: By 3:27pm AEST, shares in Betr had slumped 7.3% to 26 cents each. Meanwhile, PointsBet shares had lifted 2.9% to $1.25.
MIXI’s all-cash offer per PointsBet share was worth $1.25 each and closed at 7:00pm AEST on 12 September. To get to the 66.43% voting power, MIXI also made a series of on-market acquisitions at $1.25 per share.
The context: Betr’s off-market all-scrip takeover offer is expected to close on 25 September.
Betr and MIXI have been vying for control of PointsBet for months, with MIXI eventually taking a controlling interest in the company on 29 August.
The sources: ASX, MIXI media release
