Betr together – Rival makes a strong case for PointsBet acquisition

Betr has backed up its “cat among the pigeons” move to acquire nearly 20 per cent of rival PointsBet earlier this week by detailing how it plans to find the $360 million it needs to snatch the takeover target from the grip of Japanese company MIXI.

*, Senior betr figures Matthew Tripp and Andrew Menz continue to execute a plan to acquire rival bookmaking firm PointsBet. (Photo: betr - screenshot)*

Betr has been playing catch-up on the acquisition play since PointsBet confirmed in late February that MIXI had made a $353 million offer to secure the publicly listed company’s Australian and Canadian businesses.

Its initial offer was all but rejected at the start of April by PointsBet chairman Brett Paton, who said the proposal could not be characterised as fully funded while other core issues had yet to be addressed. Paton confirmed that PointsBet was progressing with its $1.06 a share offer from MIXI.

But betr, chaired by wagering pioneer Matt Tripp, and headed by CEO Andrew Menz, has refused to take no for an answer.

It has been working on several strategies to stay in the fight and on Monday, it landed its biggest blow yet. Betr went into a trading halt before confirming it had secured 19.9 per cent of PointsBet to become its biggest shareholder.

On Tuesday, Tripp and Menz then set out how they believed they had met all the concerns raised by Paton and his board in an offer which features $260 million in cash and $100 million in scrip.

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