PointsBet Reportedly Rebuffed Murdoch-led Group Bid for Aussie Enterprise

PointsBet (OTC:PBTHF) reportedly turned back an acquisition offer for its Australian unit valued at up to $211.1 million from a group led by Rupert Murdoch’s News Corp and legendary Aussie bookmaker Matthew Tripp. Citing unidentified sources familiar with the situation, The Sydney Morning Herald  reports the News Corp/Tripp consortium approached PointsBet’s board two weeks ago […]

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Home » PointsBet Reportedly Rebuffed Murdoch-led Group Bid for Aussie Enterprise

PointsBet (OTC:PBTHF) reportedly turned again an acquisition supply for its Australian unit valued at as much as $211.1 million from a gaggle led by Rupert Murdoch’s Information Corp and legendary Aussie bookmaker Matthew Tripp.

PointsBet promoting on the Pepsi Middle in Denver. The corporate reportedly rejected an acquisition supply for its Australian unit. (Picture: The Enterprise Journals)
Citing unidentified sources conversant in the state of affairs, The Sydney Morning Herald  experiences the Information Corp/Tripp consortium approached PointsBet’s board two weeks in the past with a suggestion for the Australian enterprise starting from about $155 million to $211.1 million. PointsBet administrators didn’t take the supply to traders, in accordance with the newspaper.
It’s believed Las Vegas-based Tekkorp Capital, which invests in private and non-private firms with publicity to the esports and gaming industries, was additionally a part of the group that approached PointsBet.
Within the US, Tekkorp is concerned with Tekkorp Digital Acquisition (NASDAQ:TEKK), a particular goal acquisition firm (SPAC) nonetheless looking for a merger associate.
Murdoch/Tripp Bid Might Have Been too Low
PointsBet’s market capitalization is $425.91 million as of the June 11 shut, indicating it’s attainable the Information Corp bid was too low to compel the board to deliver the supply to shareholders.
Moreover, the sportsbook operator has $334.35 million in money and because the Morning Herald experiences, the operator expects its Australian arm shall be optimistic on the idea of earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) this yr.

Information Corp has lengthy signaled ambitions to bolster its sports activities wagering footprint in Australia — its house nation — and, together with Tripp, has been tied to earlier consolidation rumors. The transfer on PointsBet’s Australia unit may have been prompted by the gaming firm’s well-known intent to concentrate on the North American market.

The operator is at the moment stay in Ontario, Canada and 10 states, together with profitable New York. By the tip of 2022, PointsBet is aiming to be operational in at the very least 19 North American states and provinces and aiming for 10% share in these jurisdictions
PointsBet Takeover Rumors Persist
This isn’t the primary time the Australia-based gaming firm is the middle of takeover hypothesis. Early this yr, experiences surfaced that Fanatics beforehand courted PointsBet earlier than opting towards a deal.
Owing to its market cap, money available and spectacular North American portfolio, PointsBet makes for a horny acquisition goal for gaming firms trying to transfer into sports activities wagering or established gamers wanting so as to add market share through acquisition.
A possible beneficiary of a PointsBet takeover, assuming such a transaction involves fruition, is Penn Nationwide Gaming (NASDAQ:PENN). The regional on line casino operator’s Penn Interactive Ventures (PIV) unit bought 6.27% of PointBet’s voting inventory final September.
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