Betr has detailed its all-scrip, off-market offer for PointsBet, maintaining that it represents a superior offer to that put forward by Japanese company MIXI.
The full bidder statement was submitted on Wednesday with betr detailing its plan to assume the 80.4 per cent on PointsBet it doesn’t currently own.
It maintains its offer is worth $1.22 per share, which would be superior to the $400 million all-cash off-market offer from MIXI which values PointsBet at $1.20 per share.
“The combination of complementary wagering brands, like PointsBet and betr, is a model. our team has deployed many times over the past 25 years with great success,” betr chairman Matt Tripp said.
“We are the team behind the acquisition, scaling and sale of some of the biggest brands in this country, including Sportsbet, Sportingbet, BetEasy and CrownBet.
“I am confident that the combination of PointsBet and betr will create a profitable and valuable business in this attractive sector. I am also confident that the combination will ultimately create enhanced shareholder value for all PointsBet Shareholders, of which betr is the largest, with our company holding 19.6 per cent of all PointsBet Shares.”
PointsBet’s board rejected previous bids by betr, instead taking MIXI’s offer to a shareholder scheme meeting last month. That ultimately failed to get the 75 per cent approval of voting shares. MIXI then made an off-market offer.
