PointsBet Holdings has received an all-scrip offer from betr Entertainment Limited to acquire all of its ordinary shares.

Under this offer, PointsBet shareholders will receive 3.81 betr shares for each of their PointsBet shares. This acquisition proposal requires immediate attention from shareholders, who are advised to consult with financial or legal advisors to understand the implications of the offer.

Betr said that the offer gives shareholders the opportunity to participate in the value creation available in the combined businesses, including $44.9 million of annual cost synergies, estimated to equate to up to $0.67 per PointsBet share if fully realised.

Betr argues that the combination of the offer of $1.22 per PointsBet share and the cost synergies value equate to up to $1.89 in potential value per PointsBet share.

Betr’s offer follows a controversial shareholder vote on MIXI’s $402 million takeover bid in late June, which saw share registry Computershare explaining that an “issue with the system set up for the meeting” resulted in a counting error. Betr had claimed its vote was “impermissibly excluded”, after the results showed that 95.69% of PointsBet shareholders voted in favour of the resolution.