Australian sports and horse racing betting operator Betr Entertainment has made an all-scrip, off-market takeover offer for all remaining fully paid ordinary shares in Australian gambling competitor PointsBet Holdings Limited that it does not own. Betr holds 19.6% of PointsBet shares.
If it accepts the offer, PointsBet shareholders will receive 3.81 Betr shares for each PointsBet share. The offer values each PointsBet share at about AU$1.22, (US$1) based on a Betr share price of AU$0.32. (US$0) This compares to MIXI’s cash offer of AU$1.20 (US$1) per share.
The offer does not need a minimum level of acceptance, but it is subject to several requirements, including the approval of the Betr shareholder under Australian Securities Exchange Listing Rule 7.1. Unless extended, the offer will open on 31 July and end on 8 September.
