MIXI Australia raised its PointsBet takeover bid to A$1.25 per share in cash, declaring the offer unconditional. PointsBet's board unanimously recommends accepting it.
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PointsBet raises new objections to a takeover bid by Betr
PointsBet objects to a takeover bid by Betr, even after the company returned with an improved offer of AU$1.35 ($0.87) per share, continuing the war with MIXI.
Betr previously offered AU$1.22 ($0.79) per share, now raising it to 4.2 Betr shares for every one PointsBet share, equating to AU$1.35 per share. The company believes it exceeds MIXI’s AU$1.20 per share all-cash offer, which the PointsBet board has recommended.
Betr remains committed to completing the acquisition and may increase its offer again following the formal opening of its proposal.
Betr shared in a statement:
“The improved offer is superior to Mixi’s offer of $1.20 cash per PointsBet share. We expect the PointsBet board to reconsider its recommendation that PointsBet shareholders accept the Mixi offer and will now recommend the Betr offer.
We continue to firmly believe in the combination rationale and that we can create material value for PointsBet and Betr shareholders. That upside is not available to PointsBet shareholders under the inferior all-cash MIXI offer.”
Despite the higher price, PointsBet told regulators that Betr’s valuation relied on “highly misleading, incomplete and unbalanced” information, particularly around projected AU$44.9 million in annual cost synergies and assumptions that were not clearly disclosed.
PointsBet also alleged that Betr attempted to increase its share price by announcing an AU$80 million selective buy-back as part of the previous bid. PointsBet further criticized Betr Executive Chairman Matthew Tripp for not disclosing the full extent of his and his associates’ voting power, though Betr currently holds a 19.9% stake in PointsBet.
MIXI’s current AU$1.20 per share offer, now open, requires just 50% approval, significantly increasing the chances of it passing. PointsBet has yet to announce a shareholder vote date, and Betr’s latest proposal may complicate that process.
PointsBet's board rejects Betr's takeover bid once again and unanimously recommends shareholders to accept MIXI's competing cash offer instead.PointsBet, the Australian...
