PointsBet Holdings Limited (ASX:PBH) Receives Recommended Takeover Offer from MIXI Australia
Takeover Offer Details
MIXI Australia Pty Ltd has announced a recommended all-cash off-market takeover offer for PointsBet Holdings Limited (ASX:PBH) at $1.20 per share. This represents a premium of 44.6% to the closing price on 25 February 2025 and 40.3% to the 1-month volume weighted average price.
Financial Highlights
The offer implies an enterprise value of $402 million and an implied EV/EBITDA multiple of 28.7 to 36.6 based on PointsBet’s FY25 EBITDA guidance of $11 million to $14 million. The offer is fully funded and not subject to any financing conditions.
Board Recommendation
The PointsBet Board has unanimously recommended that shareholders accept the takeover offer. Each director intends to accept the offer for all shares they own, provided there is no superior proposal.
Offer Conditions
The takeover offer is subject to a minimum 50.1% acceptance condition, obtaining necessary gambling regulatory approvals in Ontario, Canada, and Foreign Investment Review Board (FIRB) approval. There are no stamp duty or brokerage fees for shareholders accepting the offer.
Next Steps
MIXI Australia plans to lodge the Bidder’s Statement with the Australian Securities & Investments Commission and send it to the ASX and shareholders in the coming weeks. An institutional acceptance facility will also be established to facilitate the offer.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended PointsBet. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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