PointsBet, the online US sportsbook, has requested an immediate trading halt of its shares on the Australian Securities Exchange, pending the release of an announcement, which could come on Wednesday.
Earlier this month, DraftKings launched a shock bid to buy PointsBet’s US operations, which it values at $195m.
DraftKings’ bid came after many thought Fanatics’ takeover of PointsBet’s US operations was a “done deal.” But DraftKings’ offer was 30% above Fanatics.’
PointsBet trades under the ticker PBH.
In a June 27 letter to the Australian Security Exchange, PointsBet’s General Counsel and Company Secretary Andrew Hensher requested an “immediate implementation of a trading halt in respect to its securities.”
PointsBet said it requested the halt “to enable it to manage its continuous disclosure obligations in relation to a material transaction” and asked that the “halt remain in place until the earlier of the time it makes an announcement to the market and the commencement of normal trading on” Wednesday.
PointsBet’s request to halt trading seems to indicate that purchase of its US operations is pending. The question remains, however, will it be Fanatics or DraftKings that comes away with the win?
