PointsBet has received an unsolicited, all-scrip takeover offer from ASX-listed Betr Entertainment, valuing PointsBet shares at approximately $1.03. Betr’s offer, received after market close on Wednesday, proposes 3.81 Betr shares for every one PointsBet share. The offer has been lodged with both the ASX and the Australian Securities and Investments Commission. PointsBet is an Australian online sports betting and iGaming operator. They provide innovative sports and racing wagering products and services.
Based on Betr’s closing price and 20-day VWAP as at July 16, the offer values PointsBet at about $1.03 per share – a figure the company notes has been lower in more recent trading periods. PointsBet said it was reviewing the proposal and will release a target’s statement in due course, including a formal recommendation from the board.
Shareholders are advised not to take any action on the unsolicited offer until further guidance is provided. The board reiterated its unanimous support for the existing takeover bid from Japanese entertainment giant Mixi, announced on June 26. The Mixi bid is fully funded and offers $1.20 per share in cash, providing a clearer valuation and certainty of timing.
Further details on the Mixi bid will be provided shortly. PointsBet is currently evaluating its options in light of these developments. Investors are urged to stay informed through official company announcements.
