MIXI Australia has returned with a stronger takeover offer for PointsBet, now valued at $402 million AUD ($260 million USD), overtaking a competing bid from Betr Entertainment. The new proposal raises the offer to $1.20 per share, reflecting a 44.6% premium on PointsBet’s closing price from February 25.
Good to know
- MIXI’s latest offer beats Betr’s $360 million bid by $42 million.
PointsBet has paused trading until at least Thursday. - Shareholder vote meeting has been moved to June 25.
Back in February, PointsBet had already backed a $353 million proposal from MIXI’s Australian unit. But when Betr, formerly BlueBet, came in with a $360 million offer in May, the board labeled it “superior.” That led MIXI to revise its offer, increasing the total enterprise value by $49 million.
With the upgraded terms, PointsBet shareholders would now receive $1.20 per share, all in cash. MIXI also added an alternative plan—if shareholders do not approve the formal scheme, it could still proceed with an off-market takeover. That route would require only 50% shareholder approval and would still offer $1.20 per share.
PointsBet confirmed the proposal and placed a temporary trading halt on the Australian Stock Exchange. The company stated that trading is expected to resume by Thursday after further evaluation of the offer.
To give shareholders more time, the previously scheduled scheme meeting on June 12 has been rescheduled for June 25, with court approval.
Even with MIXI’s upgraded bid, PointsBet’s board has not ruled out Betr’s proposal. Although now financially lower, Betr’s offer still remains under consideration. It includes a cash component between $240 million and $260 million, plus an additional scrip component worth up to $120 million. Betr also claims it can bring $40 million in annual synergies.
PointsBet and Betr continue to carry out due diligence on the value of the offer, including the worth of the scrip component.
According to PointsBet,
“PointsBet and Betr are continuing with the due diligence as the PointsBet board, with the input of its external advisers, further assesses the Betr proposal in light of the improved proposal.”
The company confirmed it will update shareholders if any further developments occur regarding the competing offers.
In related news, PointsBet was penalized in Australia just two weeks ago after breaching spam and self-exclusion regulations. The Australian Communications and Media Authority (ACMA) fined the company AU$500,800 ($321,706), citing hundreds of unlawful marketing messages and failures to comply with rules designed to protect self-excluded users.
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