Australia's Pointsbet backs $225 mln offer for US business, shares up

PointsBet Holdings

28/06/2023 01:55

** Shares of Pointsbet Holdings  PBH.AX  rise as much as
4.3% to A$1.70, marking their biggest intraday pct gain since
June 19 
    ** Pointsbet backs offer received from Fanatics Betting
(FBG) and Gaming's for its U.S. business
    ** Co says FBG submitted improved proposal on June 26 to
purchase PBH's U.S. business for headline cash consideration of
$225 mln
    ** FBG had previously offered $150 mln, while DraftKings Inc
had offered $195 mln for the business
    ** Board has determined that the FBG Transaction (as
improved) is superior in terms of both pricing and certainty of
being able to complete on a timely basis - PBH
    ** Pointsbet stock up 9.8% this year, as of last close
    

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))