Takeovers Panel accepts Betr undertaking in PointsBet battle
Australia’s competition regulator, the Australian Takeovers Panel, has accepted undertakings from betting company Betr Entertainment Limited over its takeover bid for PointsBet.
PointsBet is currently the subject of two competing offers from Betr Entertainment and Japanese entertainment and leisure company Mixi Australia.
The Panel was addressing PointsBet’s concerns about the Betr offer, raised at the end of July.
These included questions about offer valuation and synergies, an allegation that Betr’s proposed selective share buy-back represented an illegal inducement, and a claim that Betr Executive Chairman Matthew Tripp failed to properly disclose his voting power.
As part of its undertaking for the Panel, Betr has agreed to prepare a replacement bidder’s statement, cancel a shareholder meeting scheduled for 25 August, and issue new meeting documents with independent expert reports.
The group has also agreed to restructure its selective share buy-back to comply with takeover regulations and has committed to either offering withdrawal rights to shareholders who already accepted the bid or delaying opening the offer until disclosures are made.
The sitting panel was Nicola Wakefield Evans, Alberto Colla and Jon Gidney. They determined that these undertakings would meet the needs of adequate disclosure and proper transaction structuring.
The takeover battle is now set to continue, with the PointsBet board publicly favoring the Mixi offer.
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Charlotte Capewell brings her passion for storytelling and expertise in writing, researching, and the gambling industry to every article she writes. Her specialties include the US gambling industry, regulator legislation, igaming, and more.
