Buying and selling in PointsBet (OTC: PBTHF) shares was halted in Australia on Tuesday on account of an upcoming information occasion, with no clarification.
A market announcement from the Australian Securities Change (ASX) confirmed the suspension and mentioned it could possibly be lifted on Wednesday if the sport firm points a information launch.
Securities of PointsBet Holdings Restricted (βPBHβ) have been positioned on a buying and selling suspension on the request of PBH till additional discover. Until ASX decides in any other case, the securities will stay on a buying and selling halt till the graduation of regular buying and selling on Wednesday 28 June 2023 or announcement to the market, whichever comes first,” the regulatory doc reads. .
In a letter to Dale Wang, the ASX’s listed compliance adviser, Pointbet normal counsel Andrew Henshaw requested a buying and selling halt. Over-the-counter PointBet US-listed shares have been additionally suspended on Tuesday.
PointsBet could announce sale information
To be clear, Pointbet didn’t disclose the topic of future information releases, however Henscher mentioned within the letter that the suspension was “to permit us to handle our ongoing disclosure obligations concerning materials transactions. β wrote that it was.
The corporate’s U.S. unit has been a hotbed of acquisition hypothesis after Fanatics launched a $150 million all-cash bid for the unit earlier this month. This was then topped by his $195 million all-cash supply from the Draft Kings (NASDAQ:DKNG).
The timing of the deal halt is essential as PointBet has an investor assembly on Friday at which shareholders could vote to approve a cope with Fanatics. That can be the date DraftKings should formally announce its supply to PointsBet US.
Lower than 10 days later, Pointbet has confirmed that it is going to be in talks with the DraftKings, however the DraftKings’ bid remains to be non-binding, and buyers proceed to advocate voting in favor of the Fanatics proposal. advised to
Different Prospects for Level Betting
For now, it is simply hypothesis, however future information releases from PointsBet may have so much to do with it. One other suitor could have joined the fray as an alternative of the Draft Kings or the Fanatics. Whereas it is extremely attainable that PointsBet could announce the sale of its Australian operations and different divisions, that has not been confirmed.
One other chance that one analyst sees credible is that Fanatics has raised its supply. PointsBet would want to reveal that info to buyers. Privately held Fanatics has not mentioned it would enhance its bid for PointBet US.
DraftKings CEO Jason Robbins and Fanatics CEO Michael Rubin are rumored to be at odds. It stays to be seen how deep the animosity is and the way a lot the 2 firms are keen to interact in a full-blown PointsBet US bidding warfare. Readability may arrive on Wednesday.
