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HomeNewsAustraliaPointsBet engages with DraftKings on $195m takeover offer

PointsBet engages with DraftKings on $195m takeover offer

After receiving a $195 million offer for its US businesses, Australian online bookmaker PointsBet Holdings has agreed to engage with DraftKings. 

Australia-listed PointsBet has shared updated information via Monday filing.

The offer of DraftKings comes a month after Fanatics Betting and Gaming (FBG) agreed to buy the same businesses for $150 million cash in an effort to boost its presence in sports gambling.

According to the statement, in light of DraftKing’s non-binding, all-cash proposal, PointsBet has taken steps to move the due diligence process forward.

However, the PointsBet board continues to recommend that shareholders vote in favor of the FBG transaction at the Extraordinary General Meeting scheduled for Friday, 30 June 2023, while it considers the DraftKings proposal.

DraftKings has been given a deadline of 27 June to finalize its transaction documents.

For the six months to June, PointsBet had projected a loss of US$115 million to US$123 million.

According to the report, the company is still considering the sale of its Australian operations.

US-listed DraftKings has a market cap of around $10 billion. The company is a major competitor to PointsBet in several US markets.

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