PointsBet board urges shareholders to accept improved MIXI offer
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More news: PointsBet's board has unanimously recommended that the company's shareholders accept an improved takeover offer by Japanese entertainment giant MIXI, announced earlier this morning.
Each PointsBet director has accepted the offer, which was increased from $1.20 to $1.25 cash per share.
MIXI, which currently holds a 28.2% interest in PointsBet, reserves the right to increase the offer price if its acquires more than 50% of PointsBet shares.
MIXI tables improved offer for PointsBet amid Betr pressure
The news: Japanese entertainment giant MIXI has improved its off-market takeover offer for online bookmaker PointsBet, amid ongoing pressure from rival suitor Betr.
The numbers: MIXI has increased its offer price from $1.20 cash per PointsBet share to $1.25 cash, which would see the company pay out a maximum of $421 million if acceptances were received for all PointsBet shares currently on issue.
The context: MIXI said the new offer price its its "best and final", following a long-running takeover battle with Betr.
PointsBet's board rejected Betr's proposal on Thursday, after the suitor said it would upgrade its all-scrip offer from 3.81 Betr shares per PointsBet share it did not already own to 4.219 shares.
The offer also includes an $80 million selective buyback for PointsBet shareholders accepting the bid, which PointsBet has flagged to the Takeovers Panel as a "clear inducement" to its shareholders.
The source: ASX
