MIXI Australia raised its PointsBet takeover bid to A$1.25 per share in cash, declaring the offer unconditional. PointsBet's board unanimously recommends accepting it.
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PointsBet Backs MIXI Offer Ahead of Shareholder Vote
Australian operator PointsBet continues to recommend MIXI‘s takeover offer ahead of the shareholder vote unless Betr Entertainment gives a more convincing proposal.
MIXI and Betr Entertainment have previously made multiple offers, but so far, Betr has failed to provide convincing details as to why their proposal is superior.
At one point, PointsBet admitted that Betr’s offer may have been superior, but in a statement on Monday, the company shared:
“At present, there is only one transaction capable of acceptance by PointsBet shareholders, which is the MIXI scheme. If and when Betr formally provides the terms of the Betr potential takeover offer to PointsBet, the PointsBet Board will consider those terms and provide a recommendation to PointsBet shareholders accordingly.”
PointsBet added that Betr’s offer of AU$ 1.14 per share is “significantly lower” than the $1.20 offered by MIXI. Betr’s latest proposal included an all-scrip deal or the option of a buy-back.
PointsBet criticised Betr’s chairman Matt Tripp’s comments on this part of the company’s offer:
“There is likely to be limited incentive for existing Betr shareholders to approve the buy-back. This is because, whilst Betr has stated the Betr potential takeover offer will be conditional on shareholder approval of the buy-back, Betr will be entitled to waive this condition and proceed with its offer if the buy-back is not approved.
As such, the statements by the Betr chairman in his open letter to PointsBet shareholders that the Betr potential takeover offer would provide an ‘accelerated path to cash consideration for shareholders seeking immediate liquidity’ and in their ASX release that it provides ‘cash for immediate liquidity’ are clearly misleading on the basis that there is no certainty that a buy-back will be approved by Betr shareholders, nor the timing under which any such buy-back would occur.”
PointsBet further added that Betr has a “less valuable” and “volatile VIP-heavy” customer base. At the same time, 65% of the aggregate turnover of Betr and PointsBet and 61% of the aggregate net win come from customers who have an account on both Betr and PointsBet. This means that the customer base of the companies is mostly similar.
As for MIXI’s proposal, PointsBet said:
“While early indications are that the requisite majority will not be achieved based on the proxies received, when removing the Betr vote from the proxy results, it is clear that there is significant support for the MIXI Scheme by PointsBet shareholders, with over 90% in favor.”
Final verified proxy results will be provided to the market ahead of the MIXI Scheme vote scheduled for 9 am on Wednesday, 25 June 2025.
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...
