Daily Brief Event-Driven: Iress (IRE AU): Nothing Firm As Blackstone And Thoma Bravo Circle and more

In today’s briefing:

Iress (IRE AU): Nothing Firm As Blackstone And Thoma Bravo Circle

Back in 2021, Swedish PE outfit EQT and Iress Ltd (IRE AU) were unable to firm a transaction. This was discussed in Iress (IRE AU) Accepts EQT’s Latest Proposal.
EQT was granted due diligence after bumping indictive terms to $15.91/share, up from an initial pitch of A$14.80/share. Its been crickets since EQT walked.
Now Blackstone has approached Iress, a trading and wealth management software provider. An indicative A$10.50/share cash Offer was tabled, but since withdrawn. Negotiations with Blackstone and Thoma Bravo are ongoing.

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“.

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.

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