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PointsBet Turned Away Takeover Offer For Aussie Unit

by admin June 13, 2022
June 13, 2022 0 comment

PointsBet (OTC:PBTHF) reportedly turned again an acquisition provide for its Australian unit valued at as much as $211.1 million from a bunch led by Rupert Murdoch’s Information Corp and legendary Aussie bookmaker Matthew Tripp.


PointsBet promoting on the Pepsi Heart in Denver. The corporate reportedly rejected an acquisition provide for its Australian unit. (Picture: The Enterprise Journals)

Citing unidentified sources aware of the state of affairs, The Sydney Morning Herald  studies the Information Corp/Tripp consortium approached PointsBet’s board two weeks in the past with a proposal for the Australian enterprise starting from about $155 million to $211.1 million. PointsBet administrators didn’t take the provide to buyers, in accordance with the newspaper.

It’s believed Las Vegas-based Tekkorp Capital, which invests in private and non-private corporations with publicity to the esports and gaming industries, was additionally a part of the group that approached PointsBet.

Within the US, Tekkorp is concerned with Tekkorp Digital Acquisition (NASDAQ:TEKK), a particular objective acquisition firm (SPAC) nonetheless attempting to find a merger associate.

Murdoch/Tripp Bid Might Have Been too Low

PointsBet’s market capitalization is $425.91 million as of the June 11 shut, indicating it’s doable the Information Corp bid was too low to compel the board to deliver the provide to shareholders.

Moreover, the sportsbook operator has $334.35 million in money and because the Morning Herald studies, the operator expects its Australian arm shall be constructive on the idea of earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) this yr.

Information Corp has lengthy signaled ambitions to bolster its sports activities wagering footprint in Australia — its residence nation — and, together with Tripp, has been tied to earlier consolidation rumors. The transfer on PointsBet’s Australia unit may have been prompted by the gaming firm’s well-known intent to give attention to the North American market.

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The operator is at the moment stay in Ontario, Canada and 10 states, together with profitable New York. By the tip of 2022, PointsBet is aiming to be operational in at the very least 19 North American states and provinces and aiming for 10% share in these jurisdictions

PointsBet Takeover Rumors Persist

This isn’t the primary time the Australia-based gaming firm is the middle of takeover hypothesis. Early this yr, studies surfaced that Fanatics beforehand courted PointsBet earlier than opting in opposition to a deal.

Owing to its market cap, money available and spectacular North American portfolio, PointsBet makes for a beautiful acquisition goal for gaming corporations seeking to transfer into sports activities wagering or established gamers wanting so as to add market share by way of acquisition.

A possible beneficiary of a PointsBet takeover, assuming such a transaction involves fruition, is Penn Nationwide Gaming (NASDAQ:PENN). The regional on line casino operator’s Penn Interactive Ventures (PIV) unit bought 6.27% of PointBet’s voting inventory final September.

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      Las Vegas Stolen Car Crashes Into Taxis Near the Strip During Pursuit

      February 3, 2023

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      Macau Casinos Booming, Recovering Ahead of Schedule

      February 3, 2023

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  • Casino
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  • legalization
    • legalization

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      legalization

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