Australia's PointsBet climbs on potential superior offer from DraftKings

PointsBet Holdings

19/06/2023 02:07

** Shares of PointsBet Holdings  PBH.AX  rise as much as
16.9% to A$1.595, hit their highest level since May 15
    ** Stock on track for a third straight session of gains, if
trend holds
    ** The gambling firm says its directors determined that the
proposal by U.S. sports betting firm DraftKings could reasonably
be expected to lead to a superior proposal
    ** DraftKings proposed to buy PointsBet's U.S. business for
a headline purchase price of $195 mln in cash
    ** Co says it will now engage with DraftKings over its
proposal
    ** Stock on track for best session since May 1, if gains
hold
    ** PointsBet stock down 8.1% this year, as of last close

    

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))