PointsBet formally accepted a $225 million offer from Fanatics for the sale of its U.S. operations despite a late purchase attempt by DraftKings.
PointsBet confirmed the sale on Wednesday. The purchase agreement was originally $150 million in May before DraftKings came in with a $195 million offer earlier this month.
The hostile attempt by DraftKings prompted Fanatics to raise its offer by 50 percent.
Final approval of the sale is expected Friday at a shareholders meeting.
DraftKings said Wednesday it ended pursuit of a purchase of PointsBet.
According to reports, PointsBet felt the Fanatics’ offer was superior in terms of price and for the sale to be completed in a timely matter.
–Field Level Media