PointsBet (ASX:PBH) has essentially rejected BlueBet’s Wednesday takeover offer of the company based on the fact the latter needs to raise $160M to pull it off and that benefits were based on ‘assumed synergies.’

In other words: they’ve told BlueBet to get real.

Complicating matters is that the company already faces a takeover offer from another company called MIXI. PointsBet and MIXI are both reportedly undertaking exclusivity arrangements.

While BlueBet’s offer could value PointsBet up to $1.09/sh, there are the aforementioned issues which make MIXI’s offer of $1.06/sh a more enticing deal.

Mainly, MIXI actually has the money.

“The Board determined that the [BlueBet] Proposal could not reasonably be expected to lead to a superior proposal to that announced earlier today from MIXI,” PointsBet wrote on Thursday.

“The [BlueBet] Proposal was unfunded, subject to an explicit financing condition, and would require BlueBet to both raise $100m in debt and undertake a large upfront capital raising.

PointsBet also took issue with BlueBet’s vague wording around ‘synergies’ – no details of what those synergies would actually be or look like were included in Wednesday’s offer.

PBH last traded at $1.12/sh.

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