Betr responds to PointsBet claims, waives takeover bid conditions

BlueBet Entertainment Limited (betr) has issued a Fourth Supplementary Bidder's Statement to address claims made by PointsBet Holdings Limited in its Second Supplementary Target's Statement. Betr confirmed it secured all necessary NAB consents for its Selective Buy-Back and that YAST Investments Pty Ltd's debt would be subordinated to NAB. Betr also rebutted PointsBet's characterization of its FY25 negative free cash flow of A$25 million as "deteriorating," attributing it to one-off migration costs and US operational closure expenses, and clarified that a A$6.5 million reduction in cash between June 30, 2025, and September 5, 2025, reflected normal working capital movements, not a decline in operating performance, with corporate cash at A$87.4 million by August 2025.

In a separate filing, betr provided a notice of status regarding the conditions of its off-market takeover offer for PointsBet. The company announced it has freed the offer from three conditions outlined in section 14.13 of the Bidder's Statement: the 'AGCO Approval Condition,' the 'IGO Approval Condition,' and the 'PointsBet Employee Incentives Condition.'

As of the notice date, betr's voting power in PointsBet stands at 20.50% based on 347,586,582 PointsBet shares on issue. The remaining conditions to the offer have not yet been fulfilled.