Pointsbet calls for due diligence regarding possible Betr acquisition deal

The company said it has considered the Betr bid.

Pointsbet has published an update on a possible Betr acquisition deal. Betr recently submitted a proposal to purchase the company.

However, Mixi has also expressed interest in acquiring Pointsbet and issued its own proposal.

In Pointsbet’s update, the company said, “with the assistance of external advisers, [PointsBet] has considered the proposal and determined that it could reasonably be expected to lead to a ‘Superior Proposal.’” 

In response to Betr’s bid, Pointsbet has suggested that both companies should undertake “mutual due diligence” to determine if the acquisition would be possible.

This due diligence would be phased, with “value of synergies and Betr scrip” as an initial focus, the company added.

Though shareholders are considering a 57% cash and 43% scrip funding ratio, Pointbets noted that shareholders do not need to take any action in response to this proposal.

The Board of Directors will continue to release transactions developments as they progress, the company said.

However, the company noted in its update that the board “remains committed to, and unanimously recommends, that PointsBet shareholders bote in favor of the Mixi Scheme, in the absence of a Superior Proposal and subject to the Independent Expert continuing to conclude that that Mixi Scheme is in the best interests of the PointsBet shareholders.”

Pointsbet has operations in Canada and in Australia but recently withdrew its operations from the US. The company serves as a corporate bookmaker and has developed a cloud-based wagering platform.

Pointsbet offers its players access to sports wagering, iGaming and racing products.

Laura Mack

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