By Matt Bell
Betr Entertainment says its fresh “$1.35 in value per share” offer to acquire PointsBet will create a materially more scaled player with market share of 10 per cent and make it the clear fourth-largest player in the market.
It says such merger would give it a possible pathway for inclusion into the S&P/ASX300 as it reports a 140 per cent in turnover to $1.42 billion in the 2025 financial year.
On Wednesday, Betr made a fresh bid for PointsBet, offering 4.219 Betr shares for every 1 PointsBet share held. Japanese suitor MIXI has offered $1.20 per share to acquire PointsBet and currently has amassed 25 per cent of shares in the company.
The Australian Takeovers Panel on Wednesday ruled that Betr could not dispatch its bidder’s statement in relation to its unsolicited takeover move for PointsBet.
Wilson Asset Management small to mid-cap deputy portfolio manager Shaun Weick said the Betr proposal was “clearly superior” to Mixi’s existing proposal offering.
“The timeline and certainty to receive cash via the cleverly structured buyback facility. We think the merged entity is worth north of 60¢ given the $50m plus synergies we think could be unlocked in a merged entity along with the opportunity for index inclusion over time,” he said.
