MIXI has upped its bid for PointsBet to $1.25 per share, valuing it at over $420 million, determined to see off the entreaties of betr for the publicly listed wagering company.
The battle to buy PointsBet has been ongoing for nearly six months and has stepped up in recent weeks, with betr putting up an all-scrip offer which it said valued the company at $1.35 a share
PointsBet’s board immediately rejected that offer, as it has all of betr’s previous bids, while MIXI has now built its hold on PointsBet to 28.2 per cent of shares.
MIXI has said its increased offer, which amounts to a maximum of $421 million, is fully funded and is not subject to financing.
The offer is now free from all conditions, including waiving the 50.1 per cent minimum acceptances condition, with MIXI to pay by August 29, or four days after the offer closes.
It has been declared “best and final”, with MIXI reserving the right to increase its offer if it acquires more than 50 per cent of PointsBet shares.
As a result, of the latest increase, PointsBet shares jumped from $1.22 overnight to a height of $1.27 on Friday, before settling back to $1.26.
Bren O’Brien
PointsBet’s board put out an immediate statement saying it supported the latest offer from MIXI and unanimously recommends that shareholders accept.
