betr Entertainment Acquires 27.72% Stake in PointsBet Holdings at Close of Offer Period

MT Newswires Live09-26

betr Entertainment (ASX:BTR) said it holds a voting power of 27.72% in PointsBet Holdings (ASX:PBH) after its off-market takeover bid for all the ordinary shares in PointsBet closed on Thursday, according to a Friday Australian bourse filing.

betr received acceptances in respect of 30,341,074 PointsBet shares. It said that the stake would be large enough to block actions that "run against shareholder interests" and allow for constructive engagement with MIXI and the PointsBet board.

betr plans to issue around 132.7 million new betr shares to accepting PointsBet shareholders per the offer consideration ratio of 4.375 betr shares for every PointsBet share.

PointsBet's shares rose over 2% in recent trading on Friday.

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