PointsBet (PBH AU): Mixi Bumps and Declares Offer Unconditional

• After betr Entertainment (BBT AU) bumped scrip terms for PointsBet (PBH AU), a logical course of action for Mixi (2121 JP) was to declare its Offer unconditional.

• Now Mixi has bumped terms to A$1.25/share, from A$1.20/share; and declared its Offer unconditional. FIRB gave its nod on the 5th August.

• Mixi has 28.2% of shares out, including 1.93% in the acceptance facility. "MIXI reserves the right to increase the offer price if it acquires more than 50% of PointsBet shares".

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

---

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

I've followed with six subsequent reports as betr attempted to dislodge MIXI.

---

What's New?

• Mixi has increased its Offer to A$1.25/share in cash, up from A$1.20/share previously.

  • That's a 50.6% premium to undisturbed.

• It has declared its Offer unconditional.

• PBH's board unanimously recommends the Offer.

• PBH holds 28.2% of shares out, including 1.93% in an acceptance facility.

MIXI Australia has also stated that the offer price under the MIXI Takeover Offer is “best and final”, provided that MIXI Australia reserves the right to increase the offer price if it acquires more than 50% of PointsBet shares.

If MIXI Australia chooses to further increase the offer price, all shareholders who accept the MIXI Takeover Offer will receive any incremental increase in the offer price, regardless of when they accepted.