MIXI Australia has increased its cash offer to acquire PointsBet Holdings to A$1.25 per share and waived all conditions, as it battles for control of the online betting and gaming operator.
The new “best and final” offer from MIXI follows the improved bid submitted by betr Entertainment in late-July, which offers PointsBet shareholders 4.219 betr shares for each PointsBet share.
The offer from betr equates to $1.35 per PointsBet share based on a betr share price of $0.32. It does not have the support of PointsBet’s board of directors.
In response to today’s improved offer from MIXI, the board of PointsBet reiterated its unanimous recommendation in favour of the MIXI bid.
Although the MIXI takeover offer is “best and final”, MIXI Australia reserves the right to increase the offer price if it acquires more than 50 per cent of PointsBet shares.
If MIXI chooses to further increase the offer price, all shareholders who accept the MIXI takeover offer will receive any incremental increase in the offer price, regardless of when they accepted.
MIXI Australia currently has an interest in 28.2 per cent of PointsBet shares.
The improved offer sees MIXI waive all conditions, including its 50.1 per cent minimum acceptance condition.
The increased offer implies an enterprise value of $419 million and represents an implied EV / EBITDA multiple of 38.1x based on PointsBet’s FY25 guidance.
Shares in PointsBet Holdings Ltd. (ASX:PBH) gained 4.55 per cent to close at $1.26 per share in Sydney Friday, while shares in betr Entertainment Ltd. (ASX:BBT) closed 3.17 per cent lower at $0.31 per share.
Shares in MIXI Australia parent MIXI Inc. (TYO:2121) gained 0.16 per cent to close at ¥3,225.00 per share in Tokyo.