Arnold Bloch Leibler has advised online wagering company betr (formerly known as BlueBet) on its revised proposal to acquire its ASX-listed rival, PointsBet Holdings Limited (ASX:PBH), valuing the target at $360 million. This presents a compelling alternative to the existing $353 million bid from Japanese entertainment giant Mixi.
ABL also assisted betr with its acquisition of a significant 19.9% stake in PointsBet, establishing it as a key influencer in the ongoing discussions surrounding the future of the company.
betr’s revised proposal presented to the PointsBet board comprises $260 million in cash and $100 million in betr scrip. The proposal is underpinned by betr’s successful $130 million fully underwritten placement and ANREO.
The ABL team advising betr was led by Corporate and M&A partners Scott Phillips and Christine Fleer, and senior associates Vidushee Deora and Ari Bendet, with support from lawyers Ryan Taylor, Kaitie Boyd, Megan Hosiosky and Harry Campbell, and law graduates Robyn Kalkhoven, Ben Kingston and James Constantine. Banking and Finance partner Genevieve Sexton and lawyer Keira Unmack provided specialist finance advice.
Commenting on these key developments, Scott Phillips said, “betr’s ability to execute a substantial capital raising at a premium to market shows the faith that investors have in the leadership and strategy of the betr team. There’s a lot of footy still to be played and we are looking forward to helping them on their journey towards establishing a top-four wagering player in Australia.”
Vidushee Deora added, “The recent developments demonstrate betr’s proactive and strategic approach, and their determination to pursue this acquisition and create a compelling offering in the market.”
These developments come at a time of increasing consolidation within the Australian bookmaking industry, as companies navigate a more regulated environment and intense competition. betr, which recently completed the purchase of Queensland bookmaker TopSport, aims to grow its market share and better compete with larger rivals through strategic acquisitions.
