Betr Entertainment has increased its all-scrip off-market takeover offer for all fully paid ordinary shares in PointsBet Holdings not already held by the company. PointsBet shareholders who accept the revised offer will now receive 4.219 Betr shares for every one PointsBet share they currently hold. Betr contends that this bid is superior to the existing offer from Japanese company Mixi, which is offering $1.20 per share in cash.
Betr stated that it firmly believes in the strategic rationale of combining the two businesses. The company believes that integrating PointsBet and Betr will create significant value for both sets of shareholders, facilitating profitable growth in their share of the Australian wagering market. Betr Entertainment is focused on developing a new approach to online sports and racing wagering, as well as iGaming. PointsBet provides online sports betting and iGaming products through its cloud-based platform.
The company asserts that PointsBet shareholders will not see the same potential upside under Mixi’s all-cash offer. Betr is advising PointsBet shareholders to hold off on taking any action until both offers are formally open for consideration. This announcement follows PointsBet’s rejection of Betr’s previous offer.
On Wednesday, the Takeovers Panel issued interim orders instructing Betr not to distribute copies of the bidder’s statement and offer document to shareholders. To date, Mixi has secured acceptances from 25.15 per cent of PointsBet shareholders.
