The PointsBet (ASX:PBH) board determined that the BlueBet (ASX:BBT) proposal to acquire the company, potentially valued between AU$1.02 and AU$1.09 per PointsBet share, could not be expected to lead to a superior proposal to the competing offer from MIXI, according to a Thursday filing with the Australian bourse.
The company received the cash and scrip offer from BlueBet on Feb. 18, but at the time, it was subject to exclusivity arrangements with MIXI for its scheme of arrangement involving a fully funded cash price of AU$1.06 per share for PointsBet shareholders, the filing said.
The company said the BlueBet proposal was unfunded, subject to an explicit financing condition, and will need BlueBet to raise AU$100 million in debt and conduct a AU$160 million upfront capital raise, which could impact the value received by PointsBet shareholders, per the filing.
BlueBet shares fell 4% in recent trade.
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