PointsBet Holdings Limited has responded to Betr Entertainment Limited’s intended takeover offer, which values PointsBet shares at $1.086 each.

This offer is significantly lower than the $1.20 per share being offered by MIXI Australia under its existing scheme and takeover offer, indicating a potentially less favorable option for PointsBet stakeholders.

the PointsBet Board-recommended and agreed acquisition of 100% of the issued share capital of PointsBet by MIXI, Inc (MIXI) through its wholly owned subsidiary MIXI Australia Pty Ltd (MIXI Australia) by way of a scheme of arrangement for $1.20 cash per PointsBet share.

MIXI Australia’s proposal to make an off-market takeover bid for all of the issued share capital of PointsBet at $1.20 cash per PointsBet share conditional on the MIXI Scheme not being approved by requisite majorities of PointsBet shareholders MIXI takeover offer.

As the market is aware, PointsBet has dealt with Betr on various non-binding indicative offers for some time. All have been accompanied by significant media commentary and speculation, while none have culminated into a formal proposal capable of consideration and acceptance by PointsBet shareholders. The PointsBet board has acted constructively and in good faith in all dealings with Betr, and any representation to the contrary is without basis.