MIXI Australia raised its PointsBet takeover bid to A$1.25 per share in cash, declaring the offer unconditional. PointsBet's board unanimously recommends accepting it.
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Betr restarts PointsBet battle with a new takeover offer
Betr proposed a new scrip-based takeover offer for PointsBet, assessing the company at A$1.22 per share and restarting the battle with Japan’s MIXI.
Under the revised proposal, the operator’s shareholders were offered 3.81 Betr shares for each of their own. Betr said the exchange ratio could translate to as much as A$1.89 a share when projected cost synergies are included, and above MIXI’s A$1.20 per-share deal.
Betr’s previous offers were ruled inferior to MIXI’s proposal by the PointsBet board, questioning funding assurances and warning that shareholders would be left holding paper in a more stable company.
MIXI’s proposal, the only offer formally endorsed by PointsBet, cleared its scheme vote on June 25, but still needs at least 50.1% acceptance for full takeover. That endorsement, and PointsBet’s mention that Betr’s numbers were overstated, had appeared to end the battle, until Betr reignited it on July 16.
Betr’s board shared:
“This is just the start of the value creation journey we envisage for Betr and PointsBet shareholders for the combined business.”
Betr mentioned A$44.9 million of annual cost savings and the prospect of re-rating once the enlarged group joins the ASX 300.
PointsBet stated last month, rebuffing Betr’s previous offer:
“At present, there is only one transaction capable of acceptance by PointsBet shareholders, which is the MIXI scheme.”
Betr’s offer, which is subject to its own shareholder vote but carries no minimum acceptance condition, is scheduled to open on July 31 and close on September 8, though the company said it may raise its terms again.
PointsBet claims new Betr takeover offer is still inferior to Mixi’s. PointsBet said the implied value of Betr’s offer, when calculated using Betr’s 20 trading day market volume-weighted average price ending July 16, 2025, is $1.03 per share. The implied value “has been lower than this in more recent trading periods.”
For now, PointsBet called on shareholders to take no action and wait for the company’s target statement, which will include a formal recommendation in relation to the offer.
PointsBet objects to a takeover bid by Betr, even after the company returned with an improved offer of AU$1.35 ($0.87) per share, continuing the war with MIXI.Betr...
