- MIXI Australia increases takeover bid for PointsBet to AU $1.30 per share
- New price dependent on company securing 90% of shares
- What does MIXI do with PointsBet Canada?
The financial, industry back-and-forth battle between Betr Entertainment Ltd. and MIXI for control of Australian gaming group PointsBet appears to be coming to an end.
All-Cash Offer Pushed to AU $1.30 (USD $0.84) Per Share
Today MIXI Australia announced it has increased its all-cash offer to AU $1.30 (USD$0.84) per PointsBet share. Shareholders only have a few days to accept the offer.
“MIXI Australia’s offer will be extended until August 29 and will not be further extended,” the company stated.
Today’s offer was MIXI’s latest “last and final”. Last week MIXI announced it had increased its PointsBet offer to AU$1.25 ($0.81US) per share.
MIXI Increases Stake in PointsBet
Betr’s current proposal is an all-share offer of 4.219 Betr shares for each Pointsbet share, equating to AU$1.35 (USD$0.87) per share. Betr has said the offer outperforms MIXI’s all-cash proposal, citing significant synergy upside for merging operations.
The increased offer price applies if MIXI Australia acquires 90% or more PointsBet shares and stays at AU $1.25 per PointsBet share if the company acquires less than 90%.
MIXI Australia currently has updated its stake to 36.71% of PointsBet shares, according to a PointsBet statement this week, working to get to 50.1% control, suggesting we are getting closer to a resolution. The PointsBet board has recommended that PointsBet shareholders to accept the MIXI takeover offer, urging shareholders to take no action over the Betr offer.
Canadian Sell Off
Betr currently holds 19.9% of PointsBet shares. Based on the MIXI statement today, then, if Betr doesn’t back the latest AU $1.30 MIXI bid, the takeover price would go back to AU $1.25, since the 90% mark wouldn’t have been achieved.
There are big Canada connotations to all this, as Casino.org has detailed.
Part of the Betr all-share deal involves selling PointsBet’s Canadian operations off to Hard Rock Digital.
As Betr management said last April: “We have received a non-binding proposal from Seminole Hard Rock Digital, LLC to acquire certain assets which relate to PointsBet’s Canadian operations, subject to various conditions precedent.” Hard Rock would pay Betr US $29.6 million for PointsBet Canada if this were to all go through and just focus on the Australian market.
The provincial regulator, the Alcohol and Gaming Commission of Ontario, as well as iGaming Ontario, which conducts and manages the igaming industry in the province, has already blessed the MIXI takeover bid for PointsBet, after reviewing the suitability of the company to take over PointsBet’s Canadian operations.
There’s been reporting that MIXI has no intention to sell off the Canadian operation, but Casino.org has yet to be able to get direct confirmation of that from MIXI.
The post MIXI Again Improves Offer for Control of PointsBet appeared first on Casino.org.
