PointsBet receives upgraded offer from MIXI

PointsBet (ASX:PBH) has announced an upgraded acquisition proposal from MIXI, through its subsidiary MIXI Australia.

The improved proposal raises the cash consideration for PointsBet shares from $1.06 to $1.20, marking a 13.2% increase.

This new offer constitutes a significant premium compared to previous trading and valuation benchmarks.

The revised proposal aligns with an implied enterprise value of $402 million, increasing shareholder value by $49 million.

It also carries an implied EV/EBITDA multiple ranging from 28.7 to 36.6, based on expected FY25 results.

PointsBet shareholders are entitled to a cash payout of $1.20 per share upon the transaction's completion.

If the scheme is not approved, MIXI is open to acquiring PointsBet through an off-market takeover bid with identical cash offers.

Alister Lui, Group CFO of PointsBet, stated, "We believe this improved proposal reflects a strong value proposition for our shareholders."

The forthcoming scheme meeting, postponed to June 25, will determine shareholder approval for the revised acquisition terms.