Betr has increased its takeover offer for PointsBet, sweetening the deal with improved terms. The bookmaker will now offer 4.375 Betr shares for each PointsBet share, a step up from the previous offer of 4.219 shares. This revised bid values PointsBet at $1.40 per share, based on Betr’s recent $130 million capital raising at 32¢ per share. The initial offer valued PointsBet at $1.30 per share, making this a more attractive deal. Betr is an Australian-owned wagering company focused on providing a new and engaging betting experience. PointsBet is an online sports betting platform.
In addition to the increased scrip consideration, Betr has also confirmed an expansion of its selective buy-back pool. The pool will now be at least $90 million, up from the previously announced $80 million. Betr has stated its intention to proceed with the buy-back regardless of the outcome of its takeover offer or the final stake held by MIXI in PointsBet. This move underscores Betr’s commitment to delivering value to shareholders and potentially influencing the ownership structure of PointsBet.
Japanese company MIXI stated on Tuesday that it would not accept Betr’s all-scrip takeover offer for PointsBet. MIXI’s decision effectively blocks Betr from achieving 90 per cent ownership of PointsBet, preventing the realisation of synergies outlined in Betr’s proposal. The future of PointsBet’s ownership remains uncertain as both Betr and MIXI vie for control.
