PointsBet is evaluating a $360 million offer from Betr and suggests mutual due diligence because it might be a better choice than the MIXI deal.
PointsBet, a Sydney-based betting and gaming provider, stated Monday that it has not rejected Betr Entertainment’s offer to buy the company.
The PointsBet Board, with the help of external consultants, has evaluated Betr’s newly amended proposal, which suggests an equity value of AUD$360 million, consisting of $260 million cash and $100 million in Betr stock.
The Board found that the proposal “could reasonably be expected” to result in a superior proposal in comparison to the proposed agreement between PointsBet and MIXI.
As a result, Pointsbet proposes a staged mutual due diligence approach for Betr and Pointsbet.
Shares of PointsBet Holdings Ltd (ASX:PBH) finished unchanged at AUD$1.09 a share in Sydney on Monday, while Betr Entertainment Ltd (ASX:BBT) closed at $0.32.
