Bid Placed: MIXI Presents All-Money Proposal in Persistent Battle for PointsBet Control
In a dramatic turn of events, MIXI Australia has submitted a new all-cash off-market takeover bid for PointsBet, valuing the Australian sports betting company at approximately AUD 402 million. This latest offer comes after Betr's all-share proposal, which previously held the spotlight.
MIXI's offer of AUD 1.20 per PointsBet share contrasts with Betr's latest proposal, which offers approximately 3.81 Betr shares for each PointsBet share. The difference lies in the nature of the offers, with MIXI opting for a straightforward cash deal, while Betr continues to propose a share-based offer.
The MIXI deal comes with no financing conditions, providing a sense of security and certainty to PointsBet shareholders. This offer requires a lower shareholder approval threshold compared to previous bids, potentially allowing it to pass even against opposition from Betr, which currently holds a 19.9% stake in PointsBet.
The MIXI offer was initially approved by PointsBet shareholders with over 95% approval in a June 2025 vote. However, a voting irregularity led to a recount, reducing support to around 70%, insufficient for approval. MIXI's current all-cash offer is designed to provide more certainty and value compelling enough to convince shareholders.
Betr, on the other hand, has indicated it may further improve its proposal to create additional long-term value for shareholders and is targeting increased institutional appeal and potential index inclusion. However, Betr's offer is subject to approval from its own shareholders and does not have a minimum acceptance condition.
PointsBet's directors remain skeptical of Betr's synergy promises due to overlaps between the two companies. Despite Betr's projections of significant value in potential synergies, outlining AUD 44.9 million in synergies, PointsBet's leadership has yet to be convinced.
In a recent development, PointsBet's directors have recommended that shareholders approve the MIXI deal. Shareholders are advised to take no action in relation to Betr's latest all-shares offer, pending an official response from Betr.
The MIXI deal, despite Betr's latest proposal, is still considered a superior proposal by PointsBet's leadership. The funds for the MIXI deal will be provided by MIXI Australia’s Japan-based parent company, ensuring a solid financial backing for the transaction.
The battle for PointsBet is far from over, with both MIXI and Betr vying for control. The outcome will likely depend on the appeal of each offer to PointsBet shareholders and the strategic benefits each proposal presents.
The fierce competition between the sportsbook industry heavyweights, MIXI and Betr, continues as MIXI's all-cash offer promises financial security and certainty to PointsBet's shareholders. In contrast, Betr's share-based offer aims to create long-term value, targeting increased institutional appeal and potential index inclusion. The business strategy of each proposal will significantly impact the future of PointsBet.
