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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a> has bumped 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 from 4.2% from A$1.20 to A$1.25 per share. The offer has been declared unconditional and “best and final”.</li>
<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>’s offer remains 2.9% above Mixi’s revised offer, with limited options for a response. The priority is to open its offer by assuaging the Takeover Panel.</li>
<li>The shares are trading 1.2% above Mixi’s offer due to the optionality of a bump if Mixi attains a controlling stake. With little upside remaining, head for the exit.   </li>
</ul>



Mixi Inc (2121 JP) has bumped its PointsBet Holdings (PBH AU) offer from 4.2% from A$1.20 to A$1.25 per share. The offer has been declared unconditional and “best and final”.

BETR Entertainment (BBT AU)’s offer remains 2.9% above Mixi’s revised offer, with limited options for a response. The priority is to open its offer by assuaging the Takeover Panel.
The shares are trading 1.2% above Mixi’s offer due to the optionality of a bump if Mixi attains a controlling stake. With little upside remaining, head for the exit.   


PointsBet (PBH AU): Call It a Day as Mixi Shows Its Hand

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>After <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> bumped scrip terms for <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet (PBH AU)</a>, a logical course of action for <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi  (2121 JP)</a> was to declare its Offer unconditional. </li>
<li>
Now Mixi has bumped terms to A$1.25/share, from A$1.20/share; and declared its Offer unconditional. <a href="https://announcements.asx.com.au/asxpdf/20250805/pdf/06mkl7gn4647m0.pdf" target="_blank" rel="noopener">FIRB gave its nod on the 5th August</a>. </li>
<li>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".</li>
</ul>


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 (PBH AU): Mixi Bumps and Declares Offer Unconditional

<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 bumped 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 4.219 BBT shares per PBH share. However, the offer's opening is delayed by the <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02972624_PS-3A672500&amp;v=4a466cc3f899e00730cfbfcd5ab8940c41f474b6" target="_blank" rel="noopener">Panel’s interim orders</a>.</li>
<li>Betr expects that the Board will now recommend its offer. However, the Board has several reasons not to deem Betr’s revised proposal as superior to <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a>.</li>
<li>Since 3 June, the average gross spread of the revised Betr offer to the Mixi offer is 3.4%. The logical next step is for Mixi to declare its offer unconditional. </li>
</ul>



BETR Entertainment (BBT AU) has bumped its PointsBet Holdings (PBH AU) offer to 4.219 BBT shares per PBH share. However, the offer's opening is delayed by the Panel’s interim orders.
Betr expects that the Board will now recommend its offer. However, the Board has several reasons not to deem Betr’s revised proposal as superior to Mixi Inc (2121 JP).
Since 3 June, the average gross spread of the revised Betr offer to the Mixi offer is 3.4%. The logical next step is for Mixi to declare its offer unconditional. 


PointsBet (PBH AU): Betr Bumps Its Offer, but Is It Superior to Mixi?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi (2121 JP)</a>'s A$1.20/share cash Offer is now open, with a 50.1% acceptance condition. <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> is supportive. Mixi currently holds 25.15%. ~16% of shares out have tendered.</li>
<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> (self-alleged superior) scrip Offer, with no minimum acceptance condition, is still out there. betr holds 19.6%. No shareholder has accepted terms. </li>
<li>PBH has now tapped the Takeover Panel seeking orders betr clarify its convoluted Offer.</li>
</ul>



Mixi (2121 JP)'s A$1.20/share cash Offer is now open, with a 50.1% acceptance condition. PointsBet Holdings (PBH AU) is supportive. Mixi currently holds 25.15%. ~16% of shares out have tendered.

Betr Entertainment (BBT AU) (self-alleged superior) scrip Offer, with no minimum acceptance condition, is still out there. betr holds 19.6%. No shareholder has accepted terms. 
PBH has now tapped the Takeover Panel seeking orders betr clarify its convoluted Offer.


PointsBet (PBH AU): Either Betr Pulls A Rabbit Out Of The Hat, Or Walks

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PointsBet Holdings Ltd - The Overnight Report: Trade Deals, New Highs

Australia

PointsBet Holdings Ltd is a corporate bookmaker with operations in Australia, the United States, Canada and Ireland. PointsBet has developed a cloud-based wagering Platform through which it offers its clients sports, racing and iGaming products.

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PointsBet Holdings (PBH AU)

PointsBet (PBH AU): Call It a Day as Mixi Shows Its Hand

Mixi has shown its hand by declaring its offer best and final (with a caveat), and Betr has limited options to respond. With little or no upside...

Arun George

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

Trading at terms. If in, sell here. Or hold on for a potential bump once Mixi clears 50%. If not in, this is an avoid. An additional bump from Mixi...

David Blennerhassett

PointsBet (PBH AU): Betr Bumps Its Offer, but Is It Superior to Mixi?

The Board continue to have several reasons not to deem Betr’s revised proposal as superior. The logical next step is for Mixi to declare its offer...

Arun George

PointsBet (PBH AU): Either Betr Pulls A Rabbit Out Of The Hat, Or Walks

I can see Mixi waiving the acceptance condition and declaring term unconditional. Trading at terms. If in, sell here. If not in, avoid unless...

David Blennerhassett

PointsBet Holdings Ltd - The Overnight Report: Trade Deals, New Highs

A global perspective on what happened overnight

FNArena

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