The Fanatics Betting and Gaming (FBG) team won in its competition against DraftKings to buy the US holdings of Australian online gambling operator PointsBet. On June 30, PointsBet shareholders voted to accept FBG’s $225 million bid . The deal more than triples FBG’s US market access and adds the Big Three online casino states, as well as the No. 1 sportsbook revenue-generating state of New York.
Meanwhile, what’s topping most headlines is FBG had to up its prior $150 million offer for PointsBet on Tuesday by $75 million . That happened because DraftKings (DraftKings 26,27 +2,38%) threw in a $195 million proposal made public on June 16.
While accepting FBG’s deal on Tuesday, PBH halted trading on the Australian stock exchange.
On Wednesday, a PBH (PointsBet Holdings Limited 1,08 -5,26%) announcement made it clear that FBG was the more serious candidate and recommended shareholders approve that acquisition agreement today.
PointsBet Chairman Brett Paton said on Wednesday: The Board unanimously supports the improved proposal from Fanatics Betting and Gaming, which provides a superior price plus certainty. Fanatics Betting and Gaming conducted their diligence process and negotiations in a highly professional manner at all times. The offer to “front end” the additional consideration is an element, which we regarded as a welcome and significant benefit to our shareholders. They did so today, 10 hours ahead of EST. First, voting totaled 98.24% of shares in favor of the FBG bid.
Voting ended a little before noon today without a live tally. PBH published the results on its site a couple of hours later. UPDATE: 06/30/2023
At 12:06 a.m. today, a Fanatics spokesperson told Bonus : We are thrilled that the shareholders of PointsBet Holdings Inc. voted to approve our acquisition of the US businesses of PointsBet. We moved decisively to close the deal and we look forward to working with our friends at PointsBet Holdings Inc. to finalize the remaining acquisition details. This is a pivotal moment for Fanatics Betting and Gaming that will accelerate our growth in the legal online sports betting, advance deposit wagering, and iGaming markets in the United States. Pending regulatory approvals […]
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