Pointsbet shares soar on rival takeover bid
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More news: Shares in takeover target Pointsbet Holdings surged 32% to $1.10 in early trading on the ASX, after the wagering group received a counteroffer from rival Bluebet Holdings, operator of the Betr platform.
Bluebet offered up to $360 million for Pointsbet, trumping a $1.06-per-share offer by Japanese sports and entertainment giant Mixi, which valued PointsBet at $353 million.
Bluebet makes $360m counter-offer for rival Pointsbet
The news: Bluebet Holdings, the operator of wagering platform Betr, has made an offer to acquire rival Pointsbet Holdings.
The numbers: Bluebet's offer has a combined equity value of between $340 million to $360 million, including between $240 million and $260 million in cash, and $100 million to $120 million in the form of its ASX-listed shares.
The context: Bluebet’s bid comes a day Pointsbet announced it had agreed to a $353 million offer from Japanese sports and entertainment giant Mixi, which valued PointsBet shares at $1.06 each. PointsBet’s board had said it would recommend the offer to shareholders.
Bluebet said its own offer was highly attractive for Pointsbet shareholders and it had identified synergies of at least $40 million annually.
The source: ASX announcement
