Betr pushes for a deal with PointsBet via an all-share proposal
Hearin' 'bout the Betr-PointsBet Battle, Y'all!
The stakes are getting high as Betr Entertainment steps up their game with a new all-stock offer, aiming to outshine MIXI's proposal. Betr, with a significant stake in the Aussie sportsbook, believes their proposal offers a higher shareholder value than MIXI.
Betr's Offer: A Superior Play?
Following accusations that PointsBet didn't play fair with MIXI's acquisition proposal, Betr isn't holding back. In a letter to shareholders, they're betting big on a potential value of over AU$400 million. Matt Tripp, Betr's chairman, is confident that their proposal will create enhanced shareholder value, with their team having done their due diligence, verified by top firms like Ernst & Young, Deloitte, and Arnold Bloch Lieber.
I ain't gonna sugarcoat it—I'm more'n confident this will create enhanced shareholder value for shareholders of PointsBet, with betr holdin' 19.9% of the shares in PointsBet.
Synergies: The Big Win?
In Tripp's missive to shareholders, he revealed that Betr's independent due diligence has unlocked potential synergies of over AU$47.5 million. These babies could be the key to unlocking a capitalized value of over AU$400 million.
In fact, Tripp's advisers upgraded their verified synergy estimates from our AU$41.6 million to AU$47.5 million. Now that's something to cheer about!
Betr's Move: Time to Rethink?
Betr's not just talkin'; they've updated their offer, submitting an all-stock proposal. Under this deal, Betr will swap 3.81 Betr shares for each PointsBet share, valuing 'em at AU$1.22 per PointsBet share. Betr's also proposin' to facilitate a "selective buy-back of betr shares issued to PointsBet shareholders," givin' 'em the option to cash out at AU$1.22 for each PointsBet share, up to AU$180 million, unless other conditions are met, allowin' Betr to increase the cap to AU$200 million.
Tripp added that, unlike MIXI's proposal, this offer won't be subject to any minimum acceptance condition, bringin' a higher degree of certainty to PointsBet shareholders.
Tripp ain't holdin' back either; he's encouraging other shareholders to vote against MIXI Australia's proposal, callin' it a poor reflection of their investment's true value.
Enough said! Time to reassess, PointsBet shareholders. Betr's got a solid game plan, and they're ready to play. Let's see if they can take the lead!
With its proposed all-stock offer, Betr asserts it can offer a superior shareholder value compared to MIXI, given Betr's substantial stake in the sportsbook industry, particularly in Australia. Furthermore, Betr's enhanced offer promises potential synergies worth more than AU$47.5 million, aiming at a capitalized value surpassing AU$400 million.
