PointsBet Holdings Limited (ASX: PBH) is actively considering a proposal from Betr Entertainment Limited to acquire the company, announced May 2, 2025. The PointsBet Board, advised by external experts, believes the Betr proposal could potentially lead to a ‘Superior Proposal’ compared to the existing scheme of arrangement with MIXI Australia Pty Ltd (the ‘MIXI Scheme’).
To evaluate the Betr proposal thoroughly, PointsBet proposes a phased mutual due diligence process. The initial phase will concentrate on assessing the value of synergies and the value of the Betr scrip. This valuation is critical because the Betr proposal envisions a funding mix of 57% cash and 43% scrip. The implied value for shareholders is heavily dependent on these two elements.
Despite this development, the PointsBet Board maintains its commitment to the MIXI Scheme. They unanimously recommend that shareholders vote in favor of the MIXI Scheme, provided there is no Superior Proposal and the Independent Expert continues to deem it in the best interests of PointsBet shareholders.
