Betr Entertainment Limited (ASX:BBT), a wagering and entertainment company, has released its third supplementary bidder’s statement concerning its off-market takeover offer for all shares in PointsBet Holdings Limited (ASX:PBH) that it does not already own. This follows betr’s initial replacement bidder’s statement and subsequent supplementary statements. The latest document provides additional information for PointsBet shareholders to consider in relation to the offer. Betr encourages shareholders to read the replacement bidder’s statement in its entirety, and to seek professional advice if unsure how to proceed.
The supplementary statement includes a supplementary explanatory memorandum regarding the upcoming betr Shareholder Meeting. This memorandum details the maximum number of PointsBet shares betr could acquire, considering MIXI’s existing relevant interest in PointsBet. It also outlines the impact of the offer on betr’s capital structure and the implications of MIXI’s commitment not to accept the offer. Of particular note, MIXI has confirmed they will not accept betr’s offer, nor any subsequent improvements, impacting the potential synergies betr initially anticipated.
Further updates include an increase in the selective buy-back pool from $80 million to $90 million. Betr confirms that, subject to shareholder approval at the meeting, it will proceed with the selective buy-back regardless of the level of acceptances it receives under the offer or MIXI’s relevant interest following the closure of the MIXI offer. The buy-back will be funded through existing cash reserves and a shareholder loan facility. The price payable to participants in the selective buy-back will be $0.32 per share.
The board of betr continues to unanimously recommend that shareholders vote in favour of the resolutions at the upcoming meeting, in the absence of a superior proposal. PointsBet shareholders are encouraged to contact the Offer Information Line with any questions regarding the offer. This third supplementary bidder’s statement has been lodged with ASIC and provided to the ASX and PointsBet.
