Betr remains adamant that its current bid for PointsBet is superior to that of rival MIXI and has confirmed that it will use its 19.9 per cent stake in the takeover target to oppose the acquisition at next week’s shareholder meeting.
PointsBet’s board confirmed on Monday it had rejected the cash and scrip offer put forward by betr and would proceed with the improved $400 million all-cash offer from MIXI, which values the company at $1.20 per share.
It said after its period of due diligence with betr, it harboured concerns over the value of the cost synergies identified, the likelihood of revenue impacts across a combined entity and integration and implementation challenges.
But betr’s chief executive Andrew Menz has hit back against those assertions, insisting betr’s offer would create $1.33 of value per share, which would be superior to PointsBet.
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