Following several months, MIXI gains control over voting shares in PointsBet.
In a significant turn of events, PointsBet Holdings Limited, an Australian sports betting company, has accepted MIXI Australia's bidding offer for AU$1.25 per share. This move marks the end of a heated bidding war between MIXI Australia and Betr Entertainment.
MIXI Australia, a subsidiary of the Japanese company MIXI, initially proposed an offer of AU$1.06 per share in February 2025. The Board of Directors at PointsBet Holdings Limited had initial concerns about Betr Entertainment as a potential buyer due to its dependency on fewer events and customers in sports.
MIXI Australia's persistent offers eventually won over the Board, leading to an increase in their controlling share from 51.59% to 66.43%. Betr Entertainment, however, is not left empty-handed, holding a substantial 19.9% stake in PointsBet Holdings Limited's total shares.
The bidding war between the two companies was not without contest. Betr Entertainment put forward a rival all-scrip bid to contest the takeover process and its transparency. A series of counter-proposals by Betr were prompted by MIXI Australia's initial offer, but the PointsBet Board of Directors consistently deemed MIXI Australia's offers superior.
The process was not without hurdles. MIXI Australia sought to conclude the deal in February 2025, but the process was met with fierce pushback from Betr Entertainment. MIXI Australia's determination, however, paid off, securing the majority stake in PointsBet Holdings Limited and effectively ending the bidding war.
The previous owner of the 19.9% stake in PointsBet Holdings Limited, now held by BETR Entertainment, is not explicitly stated in the available information. Betr Entertainment, in a strategic move, ended up preferring shares instead of cash, which might have dissuaded hesitant shareholders.
PointsBet Holdings Limited and MIXI Australia's deal is a significant step in the Australian sports betting industry, bringing together two prominent players in the market. The future of the combined entity remains to be seen, but one thing is certain: the bidding war between MIXI Australia and Betr Entertainment is now arguably over.
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