Betr’s ‘conviction is undiminished’ after securing 27% interest in PointsBet
Make us a preferred source
Make us a preferred source on Google
The news: Online bookmaker Betr has secured a 27.12% interest in rival PointsBet after it issued a fifth supplementary bidder’s statement highlighting that its off-market all-scrip takeover offer is now unconditional.
The numbers: As of 19 September, Betr had a 20.56% interest in PointsBet and a further 6.52% subject to acceptance instructions under Betr’s institutional acceptance facility.
Now that the offer is unconditional, the acceptance instructions have become formal acceptances.
The context: Shareholders at an extraordinary general meeting held this morning also approved the selective buy back process for PointsBet shareholders that accepted Betr’s takeover offer.
Ahead of the meeting, Betr chair Matthew Tripp said its interest in PoinstBet is a “significant stake – large enough to block actions that run against shareholder interests, and to drive constructive engagement with MIXI and the PointsBet Board on value creation”.
Rival bidder Japanese entertainment business MIXI has a controlling interest in PointsBet, having closed its takeover offer on 12 September with a 66.43% relevant interest.
MIXI previously stated it does not intend to collaborate with Betr and will block representation of anybody affiliated with Betr from being appointed to the PointsBet board.
What they said: “While the outcome of our offer was not what we pursued, our conviction is undiminished,” Tripp said.
