• MIXI has submitted a “best and final” all-cash offer for PointsBet, increasing its bid to AU$1.25 per share to fend off rival suitor Betr.
• In a decisive move, MIXI has declared the offer unconditional, removing the previous 50.1% minimum acceptance condition and guaranteeing payment for all tendered shares.
• The PointsBet board has unanimously recommended shareholders accept the improved offer, citing its certainty and superior value over Betr’s all-share proposal.
• The new bid values PointsBet at an enterprise value of AU$419 million and represents a significant premium on the company’s undisturbed share price.
• The move puts maximum pressure on Betr and presents PointsBet shareholders with a clear choice between certain cash and a speculative, synergy-dependent scrip offer.

MIXI Plays Final Card with Unconditional Cash Bid

The long-running takeover battle for Australian operator PointsBet has reached a critical juncture, with Japanese technology firm MIXI lodging what it has declared its “best and final” offer. In a move designed to secure the deal, MIXI has increased its all-cash bid to AU$1.25 per share.

However, the most significant development is MIXI’s decision to declare the offer fully unconditional. This removes all previous conditions, including the 50.1% minimum acceptance threshold, and means MIXI is now legally bound to acquire any and all shares tendered to its offer. With all regulatory approvals, including from Australia’s Foreign Investment Review Board, already secured, this provides a guaranteed cash exit for shareholders who choose to accept.

A Decisive Move to End a Protracted Battle

This aggressive tactic is a direct response to a protracted and often hostile bidding war with rival suitor Betr Entertainment. An earlier AU$1.20 per share offer from MIXI was thwarted in June after Betr, which holds a 19.9% stake in PointsBet, effectively blocked the shareholder vote.

By making the new offer unconditional, MIXI, which has already built up its own stake in PointsBet to 28.2%, can bypass any potential blocking manoeuvres from Betr. The strategy now directly targets individual shareholders, offering them an expedited and certain cash payment. MIXI has committed to paying accepting shareholders by 29 August or within 10 business days of their acceptance.

PointsBet Board Unanimously Recommends MIXI Offer

The board of PointsBet has maintained its consistent position and unanimously recommended that shareholders accept MIXI’s improved and unconditional offer. Directors again voiced their concerns about the competing all-scrip reverse takeover offer from Betr, which they noted relies on synergy estimates that were deemed “materially overstated” in previous assessments.

The board’s recommendation centres on the clear and certain value of MIXI’s cash bid compared to the inherent volatility and disputed valuation of Betr’s all-share proposal.

The final choice now rests with PointsBet shareholders, who have until the evening of 25 August to accept MIXI’s offer. They must weigh the certainty of AU$1.25 in cash against the speculative nature of Betr’s unsolicited bid.