Flagstaff advising PointsBet as two offers flow in

PointsBet has fielded two $340m-plus buyout proposals. Picture: Claudia Baxter

PointsBet has tapped Flagstaff Partners as its defence adviser after fielding two $340m-plus buyout proposals from the Matt Tripp-backed BlueBet and Japan’s consumer technology company Mixi.

BlueBet, which last year merged with Mr Tripp’s Betr, counts Ord Minnett as its adviser and says it has secured equity funding arrangements from that firm, Morgans and Jarden.

Mr Tripp’s offer for PointsBet, fielded on February 18, values the business at $340m to $360m.

The question is whether BlueBet follows through on the deal.

It’s worth remembering that when Mr Tripp was one of three parties vying for Tabcorp, no deal eventuated — there were questions over the funding capability he had secured from private equity.

The BlueBet proposal is a combination of $240m to $260m cash and $100m to $120m scrip, with synergies expected to be worth at least $40m.

The offer was made public a day before BlueBet’s result.

The Mixi offer values PointsBet at $1.06 per share, a 27.7 per cent premium to PointsBet’s closing price on February 25, or $350m. PointsBet has recommended the Mixi offer.

Matthew Tripp’s Betr business and BlueBet merged in July, and Mr Tripp now runs the company.

PointsBet is known to have been in the crosshairs of a suitor.