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): Betr Bumps a Second Time but Fails to Check Its Work

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

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

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

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

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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> disclosed its final <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. The base unconditional offer remains A$1.25 but will be increased to A$1.30 if it acquires a 90% stake. </li>
<li>Mixi’s final offer is designed to put maximum pressure on <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> to fold. Mixi would not satisfy the 90% threshold unless Betr accepts its offer.</li>
<li>Betr has three options: to improve its offer, accept Mixi’s offer, or maintain terms. The last option, which results in a significant stake in a competitor, makes strategic sense.</li>
</ul>



Mixi Inc (2121 JP) disclosed its final PointsBet Holdings (PBH AU) offer. The base unconditional offer remains A$1.25 but will be increased to A$1.30 if it acquires a 90% stake. 
Mixi’s final offer is designed to put maximum pressure on BETR Entertainment (BBT AU) to fold. Mixi would not satisfy the 90% threshold unless Betr accepts its offer.
Betr has three options: to improve its offer, accept Mixi’s offer, or maintain terms. The last option, which results in a significant stake in a competitor, makes strategic sense.


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