betr Entertainment announced an all-scrip offer for the PointsBet shares it does not already own, valuing each share at A$1.22 based on a betr share price of A$0.32. The offer is subject to conditions including betr shareholder approval and is expected to open on 31 July and close on 8 September. betr said it may assess a further increase.
PointsBet shareholders face competing takeover proposals with different forms of consideration.
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Kjerulf Ainsworth launched a proportional takeover bid for an additional 2.9% of Ainsworth Game Technology, offering shareholders AU1.30 per share. If fully accepted, the offer would raise his stake from 7.27% to 9.9%; Ainsworth also said he would seek a 12-month board seat. Novomatic had increased its holding to 61.5%.
Australia’s Takeovers Panel cleared betr Entertainment to resume its bid for PointsBet Holdings, according to a media report. The report provides no further details on the offer.
Australia’s Takeovers Panel received an application from betr concerning MIXI’s takeover offer for PointsBet, the report said. Betr alleged that the timing of the competing bids could disadvantage shareholders and sought interim restrictions on MIXI processing acceptances. The Panel had not decided whether to conduct proceedings and said it would not comment on the application’s merits.
Ontario’s AGCO and iGaming Ontario approved MIXI’s proposed acquisition of PointsBet, clearing the Ontario gaming-approval condition, according to the report. MIXI’s A$402m off-market bid still requires acceptance from at least 50.1% of PointsBet shareholders and remains subject to other conditions.
PointsBet reported a statutory loss of A$26.6 million for the nine months ended 31 March, compared with an A$18.2 million loss in the previous full year. Group revenue was A$186.6 million; Australian revenue fell 4% to A$152 million, while Canadian revenue rose 13% to A$34.6 million.