MIxi intensifies its competition, submits its final and superior offer for PointsBet
The battle for control of PointsBet, the Australian sports betting company, is heating up as MIXI Australia has made a final cash offer that is currently favoured by PointsBet's Board of Directors.
MIXI's Final Cash Bid
MIXI Australia has raised its all-cash takeover offer to AU$1.30 per share, stating this is its "last and final" offer. This higher price applies if MIXI secures at least 90% ownership; otherwise, shareholders will receive AU$1.25 per share. The offer, fully cash-based, is backed by about AU$942 million in cash reserves for quick settlement.
Shareholder Vote Deadline
The new deadline for shareholders to accept offers is 7pm Melbourne time on August 29, 2025. MIXI has confirmed it will not extend beyond this date, setting the stage for a decisive shareholder vote soon.
Concerns About Betr's Business Model
PointsBet’s board has repeatedly dismissed Betr Entertainment’s all-scrip offer (valued around AU$1.27 per share based on Betr’s stock price), expressing concern over Betr’s speculative, less certain bid and its reliance on a relatively small number of players to generate a substantial part of its revenue. The board has endorsed MIXI’s cash bid for offering greater certainty and stability to shareholders.
Betr tries to position its offer as having better long-term value but faces skepticism from PointsBet’s directors, who also criticized Betr’s governance disclosures and business fundamentals.
MIXI's Superior Offer
MIXI maintains that its offer remains superior to Betr's in light of various factors. The per share value in MIXI's final bid is AU$1.25, a slight improvement on its previous offer of AU$1.20 per share. MIXI Australia will pay shareholders within 10 days of shareholders accepting the bid.
The PointsBet board continues to unanimously recommend MIXI Australia's offer in the absence of a superior proposal. MIXI Australia is no longer requiring a 50.1% minimum acceptance condition for the acquisition.
Betr's Offer
Betr is offering 3.81 of its shares for one PointsBet share, bringing the value to approximately AU$1.22 per share. Betr has previously made an all-shares buyout offer for PointsBet.
No Full Takeover Intended
It's important to note that MIXI's latest bid does not necessarily mean the company is seeking to fully take over PointsBet.
MIXI's statement encourages all PointsBet shareholders to accept the increased offer. The deadline for MIXI's offer is 7 pm on August 25, 2025.
In summary, MIXI’s cash bid stands as the preferred and final offer by PointsBet’s board, with the shareholder decision due by late August and continuing concern over the viability and risks in Betr’s business model and offer structure. The bidding war appears to be concluding with MIXI likely to succeed if it can reach the 90% ownership threshold.
[1] MIXI Australia's official statement: [Link to the statement] [2] Regulatory approvals: [Link to the approvals] [3] PointsBet's Board of Directors' position: [Link to the statement] [4] MIXI's cash reserves: [Link to the financial statement] [5] Betr's governance disclosures and business fundamentals: [Link to the report]
- MIXI Australia's final cash offer of AU$1.30 per share is currently favored by PointsBet's Board of Directors, marking a potential withdrawal from the sports betting market for PointsBet if the offer is accepted.
- As sports investing becomes increasingly popular, concerns about the speculative nature and reliance on a small number of players for revenue generation have been raised regarding Betr Entertainment's business model.
- In the world of finance, the ongoing battle for control of PointsBet reflects the strategic importance of strong business fundamentals and certainty in investments, especially in the sports betting and entertainment sectors.
