PointsBet receives 'superior' acquisition bid from Betr
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The news: PointsBet says it has received a takeover bid from Betr Entertainment that it expects to be a “superior proposal” to its board-backed acquisition bid from MIXI Australia.
The context: The proposal follows Betr’s acquisition of a 19.9% stake in PointsBet, which came two months after its initial acquisition proposal was turned down.
PointsBet has now proposed a process of mutual due diligence to be undertaken by Pointsbet and Betr.
What they said: "The PointsBet Board, with the assistance of external advisers, has considered the Proposal and determined that it could reasonably be expected to lead to a ‘Superior Proposal' relative to the proposed scheme of arrangement between the Company and MIXI Australia," PointsBet said.
"... PointsBet’s initial focus will be on the value of synergies and Betr scrip, as the implied value of the Proposal for shareholders is heavily dependent on these two elements given that the Proposal contemplates a 57% cash / 43% scrip funding mix.”
The source: ASX
