In today’s briefing:
- Betr’s “Superior Offer” For PointsBet (PBH AU) Is Questionable
- PointsBet (PBH AU): Betr (BBT AU) Returns with Financing, a Blocking Stake, and Dubious Assumptions
- [IO Fundamentals 2025/17] Stimulus Buzz Fuels Recovery and IO Inventories Expand
- NVX: CEO Transition Expected to be Smooth
Betr’s “Superior Offer” For PointsBet (PBH AU) Is Questionable
- On the 26th Feb 2025, PointsBet (PBH AU), an Australian/Canadian online wagering platform, entered into a Scheme Implementation Deed with Mixi (2121 JP) at A$1.06/share, a 27.7% premium to undisturbed.
- PointsBet rebuffed key (smaller) rival Betr Entertainment (BBT AU)‘s (previously known as BlueBet) ostensibly higher non-binding cash/scrip; and refuted Betr’s claim that it’s Offer was fully funded.
- Betr has returned with, what appears to be, an all cash offer of A$1.20/share, fully-funded/underwritten. Betr’s Offer still requires confirmatory due diligence. Importantly, Betr has also acquired a 19.9% stake.
PointsBet (PBH AU): Betr (BBT AU) Returns with Financing, a Blocking Stake, and Dubious Assumptions
- 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.
[IO Fundamentals 2025/17] Stimulus Buzz Fuels Recovery and IO Inventories Expand
- PBoC holds the 1-year loan prime rate (LPR) at 3.1% and the 5-year LPR at 3.6%; both historic lows as trade tensions persist.
- China’s Politburo vows faster bond issuance, lose monetary policy, and job protection measures to counter persistent economic challenges.
- Iron ore inventories at Chinese ports increased in late April, ending a three-week decline, signaling softening near-term demand.
NVX: CEO Transition Expected to be Smooth
- Zacks Small-Cap Research Note for Novonix Ltd (NVX)
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