BetMakers Technology Group finally got a potential exit on Monday after Tabcorp agreed to buy the wagering-technology company in a scheme of arrangement pitched at 24 cents cash a share.

At the time of writing on 10 August, BetMakers’ shares were up about 33%, as investors reacted to a takeover premium of more than 40% to recent trading levels.

The deal values BetMakers’ equity at about A$283 million and its enterprise at roughly A$267 million, drawing a line under a stop-start courtship that first surfaced in February and appeared dead only months ago. For long-suffering holders, it is both vindication and a reminder of how far the Business had fallen from its previous valuations.

Under the binding scheme implementation agreement, BetMakers shareholders will receive 24 cents cash for each share as the default consideration.

The company said the offer represents a premium of more than 40% to recent trading levels. On an Equity basis, the offer capitalises BetMakers at about A$282.9 million, while the enterprise value, after adjusting for the company’s net cash, sits closer to A$267.3 million.

The structure is not purely cash. Shareholders can elect to take part of their consideration in Tabcorp scrip, giving them continued exposure to the enlarged group. The scrip election is capped at 25% of the total consideration and is subject to a pro-rata scale-back if it is oversubscribed.

Importantly for deal certainty, Tabcorp has confirmed there is no financing condition attached to the transaction.

The BetMakers board has unanimously recommended the scheme in the absence of a superior proposal and subject to an independent expert concluding that the transaction is in shareholders’ best interests. Directors who collectively control roughly 10% of the register have indicated their support.