Fanatics has increased the size of its offer to buy PointsBet’s US assets to $225m, a 50% increase from its previous bid. DraftKings attempted to hijack the transaction when it submitted a $195m bid on June 16. A vote will take place on June 30 among PointsBet shareholders about the most recent offer.
provides a superior price plus certainty”
PointsBet Chairman Brett Paton issued a statement about the latest bid, saying: “The Board unanimously supports the improved proposal from Fanatics Betting and Gaming, which provides a superior price plus certainty.” DraftKings had until Tuesday to submit a binding offer, but they failed to do so.
If the deal goes ahead, then Fanatics will have a foothold in another dozen US states, including New Jersey, New York, and Pennsylvania. The company saw DraftKings’ attempt to derail its acquisition as a tactic to try to slow the company’s expansion in the sports betting market.