• Japanese conglomerate MIXI has lodged a new-look takeover bid for PointsBet, structuring it as an off-market offer that requires a lower shareholder approval threshold.
• The all-cash offer remains at AU1.20pershare,valuingPointsBetatAU402 million, and is unanimously recommended by the PointsBet board for its certainty.
• Rival bidder Betr has countered with an all-share offer it values at AU1.22,oruptoAU1.89 with synergies, a valuation the PointsBet board disputes.
• The new MIXI bid requires only 50.1% shareholder approval and has already secured key regulatory clearances and pre-bid agreements for over 17% of shares.
• The PointsBet board has advised its shareholders to “take no action” regarding Betr’s latest proposal, reinforcing its preference for the certainty of MIXI’s cash deal.

MIXI Alters Terms in Pursuit of PointsBet

The protracted takeover battle for Australian operator PointsBet has entered a new phase, with Japanese entertainment and technology giant MIXI formally submitting a revised offer. The move is a direct response to a competing, and disruptive, all-share proposal from rival suitor Betr.

MIXI’s all-cash offer remains unchanged at AU1.20pershare,whichimpliesanenterprisevalueofAU402 million (US$260 million) for PointsBet’s Australian and Canadian operations. However, the critical change is in the structure of the deal. It is now an off-market takeover that requires only a 50.1% majority from shareholders for approval, a significantly lower bar than the threshold that its previous scheme of arrangement failed to meet.

This strategic pivot comes after a contentious shareholder vote in June, where an initial approval was overturned following a recount that included a significant block of opposing votes from Betr. By lowering the acceptance condition, MIXI has created a clearer path to acquiring the operator. The company has already secured pre-bid agreements for 17.18% of shares, including those held by PointsBet’s directors. Crucially, the offer has also received all necessary regulatory approvals, including from the Alcohol and Gaming Commission of Ontario, meaning the deal is not subject to further regulatory hurdles.

Betr Pushes Synergy-Driven Share Offer

Meanwhile, Betr continues its aggressive campaign to acquire PointsBet, of which it is the largest single shareholder. This week, it presented a revised all-scrip (all-share) offer, proposing 3.81 of its own shares for each PointsBet share. Betr values this at AU1.22pershare,butarguesthepotentialvaluecouldreachashighasAU1.89 per share when factoring in AU$44.9 million of projected annual cost synergies.

The PointsBet board, however, has strongly refuted this valuation. In a statement to shareholders, the board advised them to “take no action,” noting that based on Betr’s recent volume-weighted average price, the implied value of its offer is only AU$1.03 per share.

Board Recommends Certainty of Cash

The board of PointsBet has maintained its unanimous recommendation for shareholders to accept the MIXI offer. It has consistently favoured the certainty and immediate liquidity of MIXI’s all-cash proposal over the inherent volatility and conditional nature of Betr’s synergy-dependent, all-share bid.

With MIXI’s offer now structured for a simple majority and carrying the full backing of the board, the decision rests with shareholders, who must weigh the certainty of cash in hand against the potential, though disputed, upside of a merger with Betr.