MIXI has launched another takeover bid for PointsBet, with the Japanese conglomerate’s Australian subsidiary asserting that this will be its “last and final” offer.
The all-cash bid is worth A$1.30 (62p) per share to PointsBet shareholders, should MIXI acquire 90% of the operator’s shares.
If MIXI acquired less than 90% of PointsBet’s shares, the offer value would decrease to A$1.25 per share. The bid is valid until 29 August and will not be extended any further.
This is despite MIXI claiming that its previous A$421m offer, which valued the PointsBet shares at A$1.25 apiece, was its “best and final” bid earlier this month. That offer was due to close on 25 August.
MIXI had submitted the A$421m offer after previously tabling a bid that valued PointsBet at A$1.20 a share. At every stage, the PointsBet board has urged shareholders to back the MIXI offer.
MIXI has stated that its bid is superior to that tabled by Betr earlier this week.
Betr’s bid was an unsolicited all-scrip reverse takeover proposal whereby PointsBet shareholders would receive 4.219 Betr shares for every PointsBet share they own.
The operator had requested an intervention from the Australian Takeovers Panel, seeking interim restraints against PointsBet shareholders from accepting MIXI’s previous offer.
The request was dismissed by the Panel, and PointsBet eventually dismissed Betr’s offer.
MIXI has stated that its latest offer is “superior to Betr’s uncertain proposal of uncertain value and uncertain timing”, as it is “unconditional and delivers PointsBet shareholders a certain outcome”.
The firm has also confirmed it has acceptance from 37.12% of PointsBet shareholders, and that the value of its offer will not be increased.
A MIXI statement said: “MIXI Australia’s offer is for certain all cash, as opposed to the Betr offer which is predicated on uncertain value of Betr scrip and timing of synergies, which have been characterised by the PointsBet board as ‘materially overstated’ and which exclude revenue dis-synergies and implementation costs.
“The value of the Betr offer will change over time (given it is an all-scrip proposal) and the cash value realisable by PointsBet shareholders (should they wish to sell any Betr shares issued to them) is uncertain given the low liquidity of Betr’s shares on ASX [Australia Securities Exchange].
“MIXI Australia’s offer provides certain funding sourced from the approximately A$942m cash reserves on MIXI Inc’s balance sheet, whereas Betr is offering uncertain scrip value and the uncertain potential for a share buyback subject to Betr’s discretion after its offer has closed, and with an upsize conditional upon an uncommmitted debt facility.
“A number of large institutional and long-standing corporate shareholders have accepted MIXI Australia’s certain offer, and MIXI Australia currently has received acceptances in respect of 37.12% of PointsBet shares.”
The post MIXI launches “last and final” PointsBet takeover bid first appeared on EGR Intel.
Japanese conglomerate believes its latest A$1.30 per share all-cash offer is “superior to Betr’s uncertain proposal of uncertain value and uncertain timing”
The post MIXI launches “last and final” PointsBet takeover bid first appeared on EGR Intel.