{"id":279310,"date":"2023-06-27T21:58:58","date_gmt":"2023-06-28T02:58:58","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=279310"},"modified":"2023-06-28T10:49:50","modified_gmt":"2023-06-28T15:49:50","slug":"fanatics-lifts-offer-for-pointsbet-us-topping-draftkings","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/fanatics-lifts-offer-for-pointsbet-us-topping-draftkings\/","title":{"rendered":"PointsBet Tells Investors to Accept Fanatics Revised $225M Takeover Bid"},"content":{"rendered":"

In what might be the final salvo in the battle for PointsBet\u2019s (OTC: PBTHF) US operations, the Australian gaming company told investors they should vote in favor of Fanatics\u2019 revised $225 million takeover offer.<\/p>\n

\"PointsBet
Fanatics increased its offer for PointsBet US. The target’s parent recommended investors accept the offer. (Image: Sports Geek<\/em>)<\/figcaption><\/figure>\n

That\u2019s 50% higher than the suitor\u2019s original bid, and $40 million more than<\/a> DraftKings (NASDAQ: DKNG) recently offered. PointsBet shareholders are scheduled to vote on the deal Friday.<\/p>\n

DraftKings was unable to finalise a binding offer by 6 p.m. (Melbourne time) Tuesday 27 June 2023, and accordingly, the Board has determined that the FBG Transaction, as improved by the above-stated amendment, is superior in terms of both pricing and certainty of being able to complete on a timely basis,\u201d<\/strong> according to a statement issued by PointsBet.<\/p><\/blockquote>\n

The Melbourne-based company said its board continues to unanimously recommend to investors that they approve a transaction with Fanatics. Earlier Tuesday, PointsBet requested that the Australia Securities Exchange (ASX) halt trading in its stock<\/a> pending a major news announcement.<\/p>\n

Fanatics, PointsBet US Moving Forward<\/h2>\n

PointsBet noted that privately held Fanatics returned to the bargaining table on Monday with its increased bid. The $225 million offer is broken into two parts — $175 million in cash at initial completion of the transaction, and the remaining $50 million when the acquisition is finalized. With the higher bid, PointsBet will distribute more cash to investors.<\/p>\n

\u201cThe Proposed Distribution of capital is expected to be made over two tranches, with each tranche following shortly after each completion payment. The Company will commence the necessary process to facilitate the Proposed Distribution in the coming months, with the first tranche of approximately A$1.00 per share expected to be paid mid-September 2023,\u201d according to the seller.<\/p>\n

\n

Swift conclusion of the deal could support Fanatics\u2019 goal of being live with mobile sports wagering in at least a dozen states<\/a> by the start of football season. The operator is live in Maryland and Massachusetts, with Ohio and Pennsylvania expected to come aboard soon.<\/p>\n<\/div>\n

Fanatics\u2019 potential acquisition of PointsBet US would rapidly boost the number of states in which the operator offers mobile sports betting. Importantly, PointsBet US has a New York license, which is an attractive attribute because that\u2019s the largest state by sports betting handle, the fourth-largest by population, and won\u2019t be issuing new sports wagering permits anytime soon.<\/p>\n

DraftKings Lost, but May Have Won<\/h2>\n

PointsBet noted that DraftKings never made a binding offer for its US operations, and while the Boston-based company missed out on this deal, it may have won another battle simply by forcing Fanatics to increase its offer.<\/p>\n

Such a strategy is common in mergers and acquisitions across all industries. In this case, the speculation may have merit, because nearly two years ago, DraftKings and Fanatics almost merged. But Fanatics CEO Michael Rubin pulled the plug late in the negotiations.<\/p>\n

\n

There\u2019s talk that DraftKings CEO Jason Robins wasn\u2019t pleased<\/a> that those talks collapsed, and that his company\u2019s bid for PointsBet US was no more than a ploy to irritate Fanatics and force it to increase its offer.<\/p>\n<\/div>\n

DraftKings didn\u2019t speak directly to that point. But the above may be more than conjecture, because the company didn\u2019t need PointsBet US for licensing or market share purposes.<\/p>\n","protected":false},"excerpt":{"rendered":"

In what might be the final salvo in the battle for PointsBet\u2019s (OTC: PBTHF) US operations, the Australian gaming company told investors they should vote in favor of Fanatics\u2019 revised $225 million takeover offer. That\u2019s 50% higher than the suitor\u2019s original bid, and $40 million more than DraftKings (NASDAQ: DKNG) recently offered. PointsBet shareholders are […]<\/p>\n","protected":false},"author":46,"featured_media":279311,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,32093,1074],"tags":[],"acf":[],"yoast_head":"\nFanatics Lifts Offer For PointsBet US, Topping DraftKings<\/title>\n<meta name=\"description\" content=\"Fanatics bids $225M for PointsBet US, besting DraftKings offer.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/fanatics-lifts-offer-for-pointsbet-us-topping-draftkings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fanatics Lifts Offer For PointsBet US, Topping DraftKings\" \/>\n<meta property=\"og:description\" content=\"Fanatics bids $225M for PointsBet US, besting DraftKings offer.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/fanatics-lifts-offer-for-pointsbet-us-topping-draftkings\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-28T02:58:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-28T15:49:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/06\/pb.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"578\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/fanatics-lifts-offer-for-pointsbet-us-topping-draftkings\/\",\"url\":\"https:\/\/www.casino.org\/news\/fanatics-lifts-offer-for-pointsbet-us-topping-draftkings\/\",\"name\":\"Fanatics Lifts Offer For PointsBet US, Topping DraftKings\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/fanatics-lifts-offer-for-pointsbet-us-topping-draftkings\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/fanatics-lifts-offer-for-pointsbet-us-topping-draftkings\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/06\/pb.jpg\",\"datePublished\":\"2023-06-28T02:58:58+00:00\",\"dateModified\":\"2023-06-28T15:49:50+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Fanatics bids $225M for PointsBet US, besting DraftKings offer.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/fanatics-lifts-offer-for-pointsbet-us-topping-draftkings\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/fanatics-lifts-offer-for-pointsbet-us-topping-draftkings\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/fanatics-lifts-offer-for-pointsbet-us-topping-draftkings\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/06\/pb.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/06\/pb.jpg\",\"width\":1200,\"height\":578,\"caption\":\"The Fanatics and PointsBet logos. 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