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 rejects Betr’s takeover bid once more
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 sports betting operator, announced on July 22 that it again rejected Betr’s offer of 3.81 Betr shares for every PointsBet share, still citing it as “materially inferior” to MIXI’s offer.
In the latest rejection, PointsBet mentioned several concerns about Betr’s business model and the conditions of the proposal.
PointsBet board shared:
“The value of the Unsolicited Betr Scrip Offer will change over time (given it is an all-scrip proposal) and the cash value realisable by PointsBet shareholders (should they wish to sell any Betr shares issued to them) is uncertain given the low liquidity of Betr’s shares on ASX.”
PointsBet criticized 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 board further added:
“There are meaningful risks associated with a VIP-heavy customer base, including: the long-term sustainability of this revenue is open to question (particularly as Betr pays fees to third parties to manage some of these relationships).”
MIXI’s takeover offer opened for acceptance on Monday, with the Japanese company having already secured pre-bid acceptance agreements covering 9.15% of PointsBet shares from institutional investors including Bennelong Long Short Equity Management and Pictet Asset Management.
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...
