Fanatics submits counter-proposal of $225m for PointsBet US
Fanatics’ latest proposal is around 50% higher than its original one, which was only 150 million dollars and was agreed upon back in mid May. It is also around 30 million dollars higher than what DraftKings offered for the Australian operator’s US division, making it the superior choice for PointsBet, as the company’s board is strongly recommending investors vote in favor of the transaction this Friday during PointsBet’s general meeting.
The additional 75 million dollars offered by Fanatics will be added to the company’s initial cash consideration, raising it up to 175 million dollars. The rest of the total offer’s 50 million dollars, on the other hand, will be due at a later date.
Furthermore, PointsBet also mentioned in its announcement that DraftKings failed to submit a finalized binding proposal on the 27th of June, as the firm had requested in its reply to the latter to further consider the 195 million dollar offer. Fanatics’ enhanced proposal will also offer PointsBet a greater degree of certainty, allowing it to finalize it and offload its US division in a timely manner.