IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

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

PointsBet (PBH AU): Mixi Attempts to Call Betr’s Bluff with a Final Offer

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

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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/betr-entertainment-limited" target="_blank" data-smartkarma-citation="entities:41181:1" rel="noopener">BETR Entertainment (BBT AU)</a> has disclosed revised terms but has failed to check its work. The announcement has two revised scrip ratios - 4.735 (in bold) and 4.375. </li>
<li>To match the stated <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 value, the scrip ratio should be 4.375. The revised terms suggest that Betr is struggling to secure acceptances. </li>
<li>The key issue remains that Betr will be unable to exercise compulsory acquisition rights to realise its stated synergies, a key pitch for shareholders to favour its all-scrip offer.</li>
</ul>



BETR Entertainment (BBT AU) has disclosed revised terms but has failed to check its work. The announcement has two revised scrip ratios - 4.735 (in bold) and 4.375. 
To match the stated PointsBet Holdings (PBH AU) offer value, the scrip ratio should be 4.375. The revised terms suggest that Betr is struggling to secure acceptances. 
The key issue remains that Betr will be unable to exercise compulsory acquisition rights to realise its stated synergies, a key pitch for shareholders to favour its all-scrip offer.


PointsBet (PBH AU): Betr Bumps a Second Time but Fails to Check Its Work