A $195 million offer has been made by DraftKings, the US-listed wagering group, for PointsBet business in the United States.
The offer tops a previous bid, $150 million, for the ASX-listed group’s US division from Florida-headquartered Fanatics. The company disclosed the higher, non-binding cash offer from DraftKings on Friday.
According to PointsBet Friday filing, the bid from DraftKings has yet to be assessed by the PointsBet board. However, the offer was made on a debt-free, cash-free basis with no financing conditions.
“The directors of PointsBet are committed to acting in the best interest of shareholders, are considering the DraftKings proposal, and intend to provide their recommendation to PointsBet shareholders in relation to the sale of the US business in advance of the extraordinary general meeting,” the company said.
An extraordinary general meeting is scheduled for June 30th.
PointsBet reached an agreement with Fanatics Betting and Gaming (FBG) in mid-May.
Regarding the new offer, the board would consider all things which go to shareholder value, including the amount and timing of capital returned to shareholders and whether the sale could be completed quickly.
“It should be noted that the DraftKings proposal does not constitute a binding offer or commitment on the part of DraftKings to negotiate or executive a definitive agreement, and to this end, there is no guarantee that the DraftKings proposal will result in a binding definitive agreement,” PointsBet’s board disclosure committee said.
