Betr Entertainment Launches All-scrip Takeover Bid for PointsBet

Betr Entertainment has announced an all-scrip, off-market takeover offer for all fully paid ordinary shares in PointsBet that it does not already own.

Under the terms of the offer, PointsBet shareholders would receive 3.81 Betr shares for each PointsBet share held.

Betr, which currently holds a 19.6% stake in PointsBet, has positioned its offer as more attractive than the rival cash proposal made by Mixi Inc and Mixi Australia.

The company stated that the offer “allows shareholders to participate in the anticipated growth and value creation” from the proposed merger of Betr and PointsBet, referred to as the Combined Business.

The offer values each PointsBet share at approximately AU$1.22, based on a price of AU$0.32 per Betr share—slightly higher than MIXI’s competing offer of AU$1.20 per share.

Betr claims the proposed combination is expected to deliver AU$44.9 million in annual cost synergies. If fully realised, these savings could equate to an additional AU$0.67 per PointsBet share, enhancing the profitability of the merged business.

“Combining the offer value with the potential synergies results in a total estimated value of up to AU$1.89 per PointsBet share,” the company said.