PointsBet Holdings Limited (ASX: PBH), a corporate bookmaker with operations in Australia, the United States, Canada, and Ireland, has secured interim orders from the Takeovers Panel, preventing betr Entertainment Limited (formerly BlueBet Holdings Limited, ASX: BBT) from dispatching its bidder’s statement. The intervention follows an application by PointsBet regarding betr’s unsolicited all-scrip, reverse takeover offer, which competes with a recommended cash offer from MIXI Australia Pty Ltd.
PointsBet raised concerns about disclosure issues in betr’s bidder’s statement, notice of meeting, and related announcements. These issues relate to the valuation of the consideration offered, alleged misleading presentation of synergies, and concerns over a proposed selective buy-back of betr shares. PointsBet argues this buy-back effectively offers a cash alternative outside the formal offer and constitutes an inducement, contravening regulations. They further allege betr’s Executive Chairman, Mr Matthew Tripp, has not fully disclosed his voting power in betr.
PointsBet contends that these circumstances adversely affect the market for control of PointsBet, preventing an efficient, competitive, and informed acquisition process. The company seeks final orders to restrain betr from undertaking the selective buy-back, require a revised bidder’s statement addressing the identified deficiencies, and mandate corrective disclosure from Mr. Tripp.
The interim orders, issued by the President of the Takeovers Panel, restrain betr from sending copies of the bidder’s statement and offer document to PointsBet shareholders. These orders remain in effect until further notice from the President or the Panel, the determination of the proceedings, or for a maximum of two months from the date of the interim orders.
