Offer for MIXI Australia takeover sees enhancement, augmenting PointsBet's share value
In the ongoing battle for control of PointsBet Holdings Ltd. (ASX:PBH), MIXI Australia has upped the ante by improving its takeover offer. The revised offer, now valued at A$1.25 per PointsBet share, is an unconditional all-cash bid that waives all conditions, including the minimum acceptance threshold[1][3][5].
With this latest move, MIXI Australia, which already holds about 28.2% of PointsBet shares, has signaled its intention to acquire more than 50% ownership. If successful, MIXI reserves the right to increase the offer price further[1]. In response, the PointsBet board unanimously reiterated its recommendation in favor of MIXI’s bid, despite betr Entertainment's higher-value all-scrip offer, currently worth about AUD 1.35 per share[1].
However, betr Entertainment, holding approximately 19.9% of PointsBet shares, has asked the Takeovers Panel to restrain MIXI’s latest proposal. betr argues that MIXI is using an advantage in timing to push its offer before betr’s conditional offer can be properly considered[2][4].
MIXI’s "best and final" offer values PointsBet at around AUD 419 million, implying an EV/EBITDA multiple of 38.1x based on PointsBet's FY25 guidance[1]. On the other hand, betr’s offer values PointsBet shares at about AUD 1.35 each, but it is conditional and lacks board support[1].
This active, evolving takeover contest is marked by bids, counterbids, and regulatory challenges as of early August 2025[1][2][4][5]. The involvement of the Takeovers Panel could affect the timing and approval of the bids.
Shares in PointsBet Holdings Ltd. (ASX:PBH) closed at $1.26 per share, gaining 4.55% in Sydney on Friday[6]. Shares in MIXI Australia parent MIXI Inc. (TYO:2121) closed at ¥3,225.00 per share in Tokyo, gaining 0.16%[7]. In contrast, shares in betr Entertainment Ltd. (ASX:BBT) closed at $0.31 per share, losing 3.17% in Sydney on Friday[8].
References: [1] The Australian Financial Review: MIXI raises stake in PointsBet with improved offer [2] The Sydney Morning Herald: betr asks Takeovers Panel to halt MIXI's latest move for PointsBet [3] PointsBet Holdings Ltd.: ASX Announcement - MIXI Australia increases cash offer to A$1.25 per PointsBet share [4] The Australian Financial Review: betr asks Takeovers Panel to halt MIXI's latest move for PointsBet [5] The Australian Financial Review: PointsBet board unanimously recommends MIXI's bid despite betr's higher-value offer [6] ASX: PointsBet Holdings Ltd. (PBH) share price [7] TYO: MIXI Inc. (2121) share price [8] ASX: betr Entertainment Ltd. (BBT) share price
In this ongoing financial contest, MIXI Australia, with an interest in business expansion, has revised its offer for PointsBet Holdings Ltd., valuing each share at A$1.25 and signaling an intention to secure over 50% ownership. On the other hand, the all-scrip offer from betr Entertainment, currently worth approximately AUD 1.35 per share, remains pending, conditional and lacking board support, in the field of investing.
