PointsBet (PBH AU): Betr Firms "Superior Offer". Expect The Board To Reject. Again

• Back on the 20th June, betr (BBT AU) tabled an all-scrip off-market Offer for PointsBet (PBH AU), with no minimum acceptance condition, which they considered superior to MIXI (2121 JP)'s.

• Which was a bold statement, as 3.81 new betr shares, at the time, was equivalent to A$1.143/share versus MIXI's A$1.20/share all-cash Offer. It's now worth A$1.03/share.

• Last night, betr released its Bidder's Statement. Terms are unchanged. Offer opens ~31st July. PointsBet was quick to point out, again, the current (low) value of the scrip terms.

PointsBet is an illiquid stock. If that's not your thing, look away now.

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MIXI's initial Offer, by way of a Scheme, was on the 26th Feb. betr's approach was rejected at the time. And ever since.

I've followed with five subsequent reports as betr attempts to dislodge MIXI.

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The Trade:

• If small, illiquid arbs are your thing - and not already in - get involved below MIXI's terms.

• Unless betr tables a full cash offer at ≥ A$1.20/share, PBH won't back terms.

• And increasing the scrip ratio will only apply downward pressure on betr's stock.