IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

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<li>
<a href="https://www.smartkarma.com/entities/betr-entertainment-limited" target="_blank" data-smartkarma-citation="entities:41181:1" rel="noopener">BETR Entertainment (BBT AU)</a> has despatched the bidder’s statement for <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a> takeover offer. The offer is scheduled to run from July 31 to September 8.</li>
<li>BBT continues to clutch at straws by claiming its offer is superior to Mixi’s A$1.20 all-cash offer. The Mixi scheme results suggest that BBT has limited support from PBH shareholders.</li>
<li>BBT will struggle to gain material acceptance, but hints at possible revised terms. <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a> will also need to reconsider its offer terms to see off BBT. </li>
</ul>



BETR Entertainment (BBT AU) has despatched the bidder’s statement for PointsBet Holdings (PBH AU) takeover offer. The offer is scheduled to run from July 31 to September 8.
BBT continues to clutch at straws by claiming its offer is superior to Mixi’s A$1.20 all-cash offer. The Mixi scheme results suggest that BBT has limited support from PBH shareholders.
BBT will struggle to gain material acceptance, but hints at possible revised terms. Mixi Inc (2121 JP) will also need to reconsider its offer terms to see off BBT. 


PointsBet (PBH AU): The Battle of Takeover Offers Commences

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<a href="https://www.smartkarma.com/entities/betr-entertainment-limited" target="_blank" data-smartkarma-citation="entities:41181:1" rel="noopener">BETR Entertainment (BBT AU)</a> has switched its <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a> offer to an all-scrip takeover offer at 3.81 BBT shares per PBH share, with a post-offer buyback option at A$1.22. </li>
<li>Betr’s claim that its offer is superior is debatable. <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a>’s offer is 8.6% above Betr’s at last close prices, and minorities accepting the buyback will be prorated.  </li>
<li>Betr’s offer is designed to torpedo Mixi’s scheme and takeover offer. Mixi will need to rethink its terms and likely drop its 50.1% minimum acceptance condition. </li>
</ul>



BETR Entertainment (BBT AU) has switched its PointsBet Holdings (PBH AU) offer to an all-scrip takeover offer at 3.81 BBT shares per PBH share, with a post-offer buyback option at A$1.22. 
Betr’s claim that its offer is superior is debatable. Mixi Inc (2121 JP)’s offer is 8.6% above Betr’s at last close prices, and minorities accepting the buyback will be prorated.  
Betr’s offer is designed to torpedo Mixi’s scheme and takeover offer. Mixi will need to rethink its terms and likely drop its 50.1% minimum acceptance condition. 


PointsBet (PBH AU): A Headache for Mixi as Betr Switches to a Takeover Offer

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<a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a> has disclosed a revised <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a> offer at A$1.20, a 13.2% premium to the previous A$1.06 offer and a 10.6% premium to last close. </li>
<li>Due to Betr’s 19.9% stake, which can effectively block Mixi’s scheme, Mixi will consider an off-market takeover offer of A$1.20 with a 50.1% minimum acceptance condition. </li>
<li>Mixi’s revised offer is superior to Betr’s if synergies are not factored in. While the Betr’s all-cash offer is equivalent to Mixi’s, it is subject to scale-back.</li>
</ul>



PointsBet Holdings (PBH AU) has disclosed a revised Mixi Inc (2121 JP) offer at A$1.20, a 13.2% premium to the previous A$1.06 offer and a 10.6% premium to last close. 
Due to Betr’s 19.9% stake, which can effectively block Mixi’s scheme, Mixi will consider an off-market takeover offer of A$1.20 with a 50.1% minimum acceptance condition. 
Mixi’s revised offer is superior to Betr’s if synergies are not factored in. While the Betr’s all-cash offer is equivalent to Mixi’s, it is subject to scale-back.


PointsBet (PBH AU): Mixi Returns with a Revised Offer and a Potential Takeover Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/betr-entertainment-limited" target="_blank" data-smartkarma-citation="entities:41181:1" rel="noopener">BETR Entertainment (BBT AU)</a> has returned with a non-binding proposal for <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a>, which it claims is worth A$1.20 to A$1.50+ per PBH share.</li>
<li>Betr has also acquired a 19.9% stake, which can effectively block <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a>’s A$1.06 scheme offer. Betr’s offer is higher primarily due to questionable assumptions in the presentation.</li>
<li>Betr has secured over A$260 million in cash funding. Mixi can either let the scheme fail or switch to an off-market takeover offer.</li>
</ul>



BETR Entertainment (BBT AU) has returned with a non-binding proposal for PointsBet Holdings (PBH AU), which it claims is worth A$1.20 to A$1.50+ per PBH share.
Betr has also acquired a 19.9% stake, which can effectively block Mixi Inc (2121 JP)’s A$1.06 scheme offer. Betr’s offer is higher primarily due to questionable assumptions in the presentation.
Betr has secured over A$260 million in cash funding. Mixi can either let the scheme fail or switch to an off-market takeover offer.


PointsBet (PBH AU): Betr (BBT AU) Returns with Financing, a Blocking Stake, and Dubious Assumptions

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<li>On 26 February, <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a> entered a scheme implementation deed with <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a> at A$1.06, a 27.7% premium to the undisturbed price of A$0.83 (25 February).</li>
<li>Subsequently, <a href="https://www.smartkarma.com/entities/bluebet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:41181:1" rel="noopener">BlueBet Holdings (BBT AU)</a> disclosed a competing non-binding cash-and-scrip offer worth a combined equity value of A$340-360 million or A$1.02-1.09 per PBT share.  </li>
<li>BlueBet has limited headroom to engage in a bidding war, particularly as its share price weakens. The share price already factors in a potential bump from Mixi. </li>
</ul>


On 26 February, PointsBet Holdings (PBH AU) entered a scheme implementation deed with Mixi Inc (2121 JP) at A$1.06, a 27.7% premium to the undisturbed price of A$0.83 (25 February).
Subsequently, BlueBet Holdings (BBT AU) disclosed a competing non-binding cash-and-scrip offer worth a combined equity value of A$340-360 million or A$1.02-1.09 per PBT share.  
BlueBet has limited headroom to engage in a bidding war, particularly as its share price weakens. The share price already factors in a potential bump from Mixi. 


PointsBet (PBH AU): A Tussle Between MIXI (2121 JP) And Bluebet (BBT AU)

Ireland

Flutter Entertainment Public Limited Company provides mobile and online gambling services.

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Flutter Entertainment (FLTR LN)

PointsBet (PBH AU): The Battle of Takeover Offers Commences

BBT will struggle to gain material acceptance, but hints at possible revised terms. Mixi will also need to reconsider its offer terms to see off BBT.

Arun George

PointsBet (PBH AU): A Headache for Mixi as Betr Switches to a Takeover Offer

Betr’s claim that its offer is superior is debatable. Betr’s offer is designed to torpedo Mixi’s scheme and takeover offer. Mixi will need to...

Arun George

PointsBet (PBH AU): Mixi Returns with a Revised Offer and a Potential Takeover Offer

If synergies are not factored in, Mixi’s revised offer is superior to Betr’s. The potential Mixi takeover offer will require Betr to revise terms...

Arun George

PointsBet (PBH AU): Betr (BBT AU) Returns with Financing, a Blocking Stake, and Dubious Assumptions

Betr’s offer is higher primarily due to questionable assumptions in the presentation. Mixi can either let the scheme fail (betr has a blocking...

Arun George

PointsBet (PBH AU): A Tussle Between MIXI (2121 JP) And Bluebet (BBT AU)

BlueBet has limited headroom to engage in a bidding war, particularly as its share price weakens. The share price already factors in a potential...

Arun George

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