PointsBet Holdings Limited (ASX: PBH), an Australian company operating in the online sports wagering market, has escalated its ongoing takeover battle by applying to the Takeovers Panel. PointsBet is currently subject to competing takeover offers: a recommended cash offer from MIXI Australia Pty Ltd, a subsidiary of MIXI, Inc, and an unsolicited all-scrip offer from betr Entertainment Limited (ASX: BBT), formerly known as BlueBet Holdings Limited.
The application centres around alleged disclosure issues in betr’s bidder’s statement, notice of meeting, and related announcements. PointsBet claims that betr has presented a misleading valuation of its offer, failed to adequately explain the assumptions affecting value, and made errors regarding claimed synergies. They also contend that betr is effectively offering a cash alternative outside the formal offer process via a selective buy-back of betr shares, breaching regulations and inflating Betr’s share price. PointsBet further alleges a lack of disclosure by betr’s Executive Chairman, Mr. Matthew Tripp, regarding his voting power.
PointsBet seeks final orders from the Takeovers Panel to restrain betr from undertaking the selective buy-back, require betr to issue a replacement bidder’s statement addressing the disclosure deficiencies, and compel Mr. Tripp to provide corrective substantial holder disclosure. The company argues that these circumstances adversely affect the market for control of PointsBet and impede an efficient, competitive, and informed acquisition of control.
In response to PointsBet’s application, the President of the Takeovers Panel has issued interim orders preventing betr from dispatching its bidder’s statement to PointsBet shareholders. These interim orders remain in effect until further notice from the President or the Panel, determination of the proceedings, or two months from the date of the orders.
