BlueBet lobbies superior offer for PointsBet

BlueBet Holdings (ASX:BBT) has announced a superior proposal to acquire PointsBet Holdings (ASX:PBH) through a scheme of arrangement.

The offer, valued at $1.28 per share, represents a 45% premium for PointsBet shareholders compared to the $1.06 per share offer from Japan's MIXI.

BlueBet expects to unlock over $40 million in cost synergies by integrating the businesses under a single brand, app, and technology platform, enabling greater investment in brand, product, and customer intelligence.

The proposed transaction structure offers flexibility, allowing shareholders to choose between cash, scrip, or a mix of both—unlike the all-cash MIXI proposal.

The combined entity would have an annualized turnover of approximately $4 billion and a 10% market share, strengthening its competitive position in the industry.

BlueBet has secured underwriting support for a $160 million equity raise and is progressing toward securing $100 million in debt funding.

Chairman Matthew Tripp stated, "Those opting to take scrip will gain exposure to significant potential upside, driven by an expected $40 million cost synergy prize and further organic and inorganic growth as we consolidate the Australian wagering market."

At the time of reporting, BlueBet Holdings' share price was $0.29.