PointsBet Halts Trading Pending Announcement
Trading inwards PointsBet (OTC: PBTHF) carry was halted inwards Australia on Tues for an upcoming, though non described, word event.
A market place promulgation with the Australia Securities Exchange (ASX) confirmed the halt, noting it could be lifted on Wednesday, should the gaming society pitch a news release.
The securities of PointsBet Holdings Limited (‘PBH’) testament live placed inwards trading hold at the postulation of PBH, pending it releasing an announcement. Unless ASX decides otherwise, the securities testament remain in trading halt until the earlier of the graduation exercise of normal trading on Wednesday, 28 June 2023 or when the annunciation is released to the market,” according to a regulatory document.
In a letter to Dale Wang, ASX consultant for listings compliance, PointsBet General Counsel Saint Andrew Hensher requested the trading halt. PointsBet’s US-listed shares, which trade in o'er the counter, were also halted on Tuesday.
PointsBet Could Announce Sale News
To follow clear, PointsBet did not reveal the matter of the upcoming intelligence announcement, but Hensher wrote inward the letter that the trading halt was requested “to enable it to care its uninterrupted revelation obligations inward telling to a stuff transaction.”
This month, the company’s US social unit has been a hotbed of acquisition conjecture as Fanatics launched a $150 gazillion all-cash tender for that segment. That was later topped by a $195 trillion all-cash offer from DraftKings (NASDAQ: DKNG).
The timing of the trading arrest is relevant because PointsBet is holding an investor group meeting on Friday, at which time, shareholders could vote to okay the sell with Fanatics. That’s also the same appointment by which DraftKings must formalise its offering for PointsBet US.
Less than 10 years ago, PointsBet confirmed it will engage in discussions with DraftKings, but it told investors that it continued recommending they ballot inward favor of the Fanatics proposal because the DraftKings conjure is not book binding as of yet.
Other Possibilities for PointsBet
For now, it’s simply speculation, but the upcoming word relinquish from PointsBet could pertain to a change of factors. It’s possible that another suer — non DraftKings or Fanatics — has entered the fray. Not out of the realm of possibleness is the spot that PointsBet could denote the sales event of its Australian business sector or another segment, though that hasn’t been confirmed.
Another possibility, and i analysts scene as credible, is that Fanatics upped its offer. PointsBet would have got to expose that information to investors. Privately held Fanatics hasn’t said it testament supercharge its play for PointsBet US.
There are rumors of forged blood 'tween DraftKings CEO Jason Robins and Fanatics CEO Michael Rubin. How late that animosity runs and how willing the deuce are to enlist inward a fully fledged summons warfare for PointsBet US remains to be seen. Clarity could get in on Wednesday.
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