PointsBet (PBH AU): Mixi Bumps, Again, And Declares Terms Final

• Mixi Inc (2121 JP) has bumped its Offer to A$1.30/share, up from A$1.25/share; and declared terms final. Mixi currently holds 37.12% of shares out.

• Separately, PointsBet Holdings (PBH AU) released its Target Statement as it relates betr Entertainment (BBT AU)'s all-scrip Offer, with a definitive "Reject".

• Mixi's Offer is open to the 29th August - and will not be extended. Time for betr to fold its tent.

PointsBet is an illiquid stock. If that's not your bag, 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.

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

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What's New?

• Mixi has increased its Offer to A$1.30/share in cash, up from A$1.25/share announced on the 8th August.

  • That's a 56.6% premium to undisturbed.

  • Terms have been declared final.

  • The Offer was previously declared unconditional.

  • The Offer closes on the 29th August - unless Mixi gets to 50%; and/or it bumps terms if it clears 90%. In any event, if either occurs, the Offer will automatically be extended for 14 days. Plus if a competing Offer deemed superior occurs, Mixi has matching rights etc.

  • PBH's board unanimously recommends the Offer.

  • Mixi holds 37.12% of shares out.