Betr Rejoins the Fight for PointsBet with a New Proposal

Betr has once again submitted a proposal for the acquisition of PointsBet despite the latter company’s apparent contentment with the MIXI proposal. This time, Betr has put AUD 1.89 per PointsBet share on the table.

Betr Resumes the Negotiations  

Betr has resumed the negotiations with a new all-share takeover proposal, offering AUD 1.89 per share for each PointsBet share when accounting for projected synergies of AUD 0.67 per PointsBet share. This represents an updated version of Betr’s previous offer, which PointsBet ended up rejecting.

To put things into perspective, Betr is effectively offering 3.81 of its own shares for each PointsBet share.

Betr asserted that its latest offer represents a superior proposal to MIXI’s own offer, which was rejected due to insufficient shareholder votes. In addition to offering what it considers to be a superior proposal, Betr also offered PointsBet shareholders the chance to take part in the significant value creation of the united company.

This is just the start of the value creation journey we envisage for Betr and PointsBet shareholders for the combined business.

Betr statement

If the deal goes through and Betr’s forecasts come true, PointsBet shareholders have up to AUD 44.9 million in synergies to gain.

Betr Leveraged Its Shareholding to Block the MIXI Proposal

Betr, which owns a 19.9% stake in PointsBet, played a key role in rejecting the earlier vote. While MIXI’s proposal had received all necessary regulatory approvals, it stumbled when crossing the needed shareholder vote threshold.

While Betr was happy with this outcome, it harshly critiqued the PointsBet leadership for an earlier technical failure that failed to account for Betr’s votes and wrongly suggested that the vote had passed.

MIXI later proceeded with an all-cash offer, in stark contrast to Betr’s all-share approach. This has played a huge role in PointsBet’s seeming decision to go with the MIXI proposal. Earlier, the Australian sportsbook had expressed concerns about Betr’s projected synergies since they offer a level of uncertainty.

Betr, however, has firmly rejected this notion, saying that its projections are based on the forecasts of multiple experts.