{"id":24292,"date":"2023-06-20T08:52:46","date_gmt":"2023-06-20T08:52:46","guid":{"rendered":"https:\/\/legalsportsbooks.com\/?p=24292"},"modified":"2023-06-20T08:52:46","modified_gmt":"2023-06-20T08:52:46","slug":"draftkings-purchase-of-pointsbets-operations-edges-closer","status":"publish","type":"post","link":"https:\/\/legalsportsbooks.com\/blog\/2023\/06\/20\/draftkings-purchase-of-pointsbets-operations-edges-closer\/","title":{"rendered":"DraftKings Purchase of PointsBet’s Operations Edges Closer"},"content":{"rendered":"
The potential sale involving DraftKings, Fanatics, and PointsBet has taken a new twist as the board of directors at PointsBet has assessed DraftKings’ proposal and believes it could result in an offer.<\/p>\n
PointsBet’s board provided an update on the potential sale of the company’s U.S. assets, stating that they have thoroughly reviewed DraftKings’ proposal and, in good faith, have determined that it has the potential to be a worthy proposition.<\/p>\n
With the guidance of financial and legal advisors, PointsBet has announced its intention to engage with DraftKings regarding its proposal to acquire the company’s U.S. assets for $195 million.<\/p>\n
The board has also announced that while considering the DraftKings offer, they still recommend that shareholders vote in favor of Fanatics’ proposal, which offers $150 million to purchase PointsBet’s U.S. assets. The shareholder vote is scheduled for June 30.<\/p>\n
DraftKings made a cash bid of $195 million to acquire PointsBet’s U.S. assets on June 15, surpassing Fanatics’ earlier offer of $150 million. DraftKings’ proposal represents a 30% increase compared to Fanatics’ bid. Despite the PointsBet board previously agreeing to the sale to Fanatics, the acquisition is contingent upon the outcome of the June 30 shareholder meeting.<\/p>\n