PointsBet’s board has unanimously recommended Fanatics Betting and Gaming’s improved proposal of US$225m to acquire its US business, representing a 50 per cent (US$75m) increase to the prior bid.
The news is a blow to DraftKings who had previously submitted a $195m offer. The operator had expressed its excitement regarding the potential synergies available by acquiring PointsBet’s U.S. business, including offering customers new bet types and accelerating its roadmap of bringing in-house more mobile sports betting technology.
Ultimately, PointsBet’s board has determined that the FBG Transaction is superior in terms of both pricing and certainty of being able to complete on a timely basis. Shareholders will vote on the FBG transaction at an extraordinary general meeting on June 30.