PointsBet Board Tells Shareholders to Support MIXI Cash Offer

On Tuesday, the board repeated its stance, urging shareholders to ignore Betr’s stock offer and back MIXI’s cash proposal. The clear recommendation reflects where PointsBet’s leadership believes the strongest future lies, as MIXI’s unconditional bid offers certainty in a way Betr’s stock-based approach could not.

Good to know

• MIXI’s proposal values PointsBet at about $418 million with an all-cash offer of $1.25 per share.
• Betr’s bid has been delayed after its disclosure was challenged and a shareholder vote was canceled.
• PointsBet previously sold its U.S. assets to Fanatics for $150 million in 2022.

Japanese sports and entertainment group MIXI has stepped forward with a straightforward takeover plan—cash, not stock, and no strings attached. That kind of clarity appeals to shareholders, especially compared with Betr’s all-scrip offer, which hinged on the fluctuating value of its shares.

The board said MIXI’s terms are better aligned with shareholder interests. By putting a guaranteed dollar figure on the table, MIXI avoids the uncertainty tied to share liquidity and volatility.

Betr once looked like it might close the deal. Back in June, it offered to purchase roughly 80% of PointsBet in a mix of cash and stock. When that failed, it pivoted to a full stock offer. But the shift backfired. Concerns mounted when regulators questioned Betr’s disclosures, especially the detail that half of its revenue came from just 20 customers.

The fallout forced Betr to restate its filing and scrap a planned shareholder meeting. No replacement vote has been set, leaving its offer sidelined.

The post PointsBet Board Tells Shareholders to Support MIXI Cash Offer appeared first on iGaming.org.