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...
MIXI raises PointsBet takeover bid as board backs the offer
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.
Each PointsBet director has accepted the offer in their own holdings, and the board confirmed that it supports the bid “in the absence of a superior proposal.”
The revised offer represents a 44.6% premium to PointsBet’s last closing price before takeover speculation began in February. The offer price increased from the original A$1.20 per share to A$1.25. The remaining conditions include offering shareholders near-immediate payment upon acceptance. MIXI said it will pay in 10 business days after the date of acceptance of the deal.
Compared to the initial bid, MIXI’s new offer also waived the 50.1% minimum acceptance condition, increasing the likelihood of a successful outcome.
MIXI already has a 28.2% stake in PointsBet, including acceptances received through its Institutional Acceptance Facility. The offer is open until mid-August unless extended. MIXI’s revised bid is expected to further reduce support for the stock-only counteroffer from Betr, which was received by PointsBet on July 17.
The Betr proposal offers 3.81 Betr shares for each PointsBet share, but is subject to shareholder approval and regulatory clearance. PointsBet board advised shareholders to take no action in relation to Betr’s offer while it prepares a formal response.
PointsBet’s last rejection of Betr’s offer includes criticism of Betr’s customer base, claiming that the company “has a less valuable and volatile VIP-heavy customer base” with more than 50% of net win in January 2025 generated from just 20 customers.
PointsBet's board rejects Betr's takeover bid once again and unanimously recommends shareholders to accept MIXI's competing cash offer instead.PointsBet, the Australian...
