PointsBet Holdings Ltd (ASX:PBH) saw its stock price soar by 10.60% during intraday trading on Wednesday, following news of an improved takeover offer from Mixi Australia, a subsidiary of Japanese consumer technology firm Mixi.
According to a recent filing with the Australian Securities Exchange, Mixi Australia has raised its offer for PointsBet from AU$1.06 to AU$1.20 per share. This revised bid represents a significant 13% premium over the original offer, likely contributing to the sharp increase in PointsBet's stock price. The company's board of directors has recommended that shareholders vote in favor of the scheme, subject to the absence of a superior proposal and an expert's opinion confirming it is in the best interest of shareholders.
Adding intrigue to the situation, PointsBet also revealed that it continues to grant betr Entertainment (ASX:BBT) access to conduct due diligence on its separate takeover proposal. This development suggests potential competition for the acquisition of PointsBet, which may further boost investor interest. The company has scheduled a scheme meeting for June 25, where shareholders will vote on the Mixi proposal. If approved, the scheme will proceed to a second court hearing on June 26 for final approval, potentially setting the stage for a significant corporate transaction in the Australian gaming sector.
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