MIXI Australia raised its PointsBet takeover bid to A$1.25 per share in cash, declaring the offer unconditional. PointsBet's board unanimously recommends accepting it.
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MIXI Wins PointsBet Takeover as Betr’s Revised Offer Gets Rejected
MIXI wins the takeover battle for the Australian operator PointsBet, as the board ends talks with Betr Entertainment, citing several issues with their offer.
Betr Entertainment (formerly BlueBet) tried to take over PointsBet with their 2nd offer, and entered diligence talks with PointsBet. During those talks, MIXI improved its offer and the PointsBet board accepted it, ceasing the talks with Betr.
MIXI, a Japanese company that has an Australian gaming subsidiary, has offered to acquire 100% of PointsBet’s shares through an arrangement for AU$ 1.20 per share. If the offer fails to work, MIXI and PointsBet have agreed to a Bid Implementation Deed. Through this, MIXI will make an off-market takeover bid for the same price per share.
In a statement, PointsBet outlined several key concerns why Betr’s bid was rejected. The value of the Betr proposal is “materially below” that of MIXI’s offer. It tracked the overall value of Betr’s offer and found that it varied between $1.04 per share and $1.14, but it has never exceeded the $1.20 offered by MIXI.
The proposed cost synergies under Betr’s plan were seen as significantly inflated. PointsBet stressed that substantial investment in brand, digital, and technology would still be needed to remain competitive, particularly in the high-growth sports betting category, where PointsBet currently holds a stronger position than Betr.
MIXI’s clear, high-value offer, backed by an established presence in Australia through its local subsidiary, aligned more closely with PointsBet’s strategic goals. With no valuation gaps or integration concerns, the board now fully backs MIXI’s bid.
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...
