Betr has officially opened its takeover offer to PointsBet shareholders, but the target company’s board isn’t budging from their support of Japanese-backed MIXI’s competing bid.
MIXI strengthened its position significantly over the past week. The Japanese firm secured an additional 18.3 million PointsBet shares, pushing its total holding above 33%.
Easygo holdings, which owns Stake.com, threw its 5% stake behind MIXI’s bid according to reports from the Australian Financial Review.
Betr already holds 19.6% of PointsBet shares and clearly wants more. The company believes a successful takeover would give it over 10% market share and put it in a “strategically important place.”
Why These Companies Want PointsBet
Both bidders see significant value in acquiring PointsBet’s operations and customer base. Betr highlighted what it calls “superior value, compelling synergies and growth potential” in its latest bidder statement.
The acquisition battle reflects the competitive Australian sports betting market where scale matters. Getting to that 10% market share threshold could be crucial for Betr’s long-term positioning.
MIXI brings a different perspective with its established presence in Japan through the TIPSTAR product. That business generated around 25 billion yen (AU$270 million) for MIXI in the 2024 financial year.
MIXI also operates the betM brand in Australia, though it maintains a relatively small presence there currently.
What Each Offer Brings to Shareholders
MIXI’s all-cash offer values PointsBet at $1.25 per share and aims to secure over 50% of the company. The bid closes on August 25, making it the more immediate option for shareholders.
Betr’s offer takes a different approach entirely. It’s offering 4.219 betr shares for every PointsBet share, which Betr values at $1.35 per share based on its recent capital raise.
However, that valuation drops to a minimum of $1.25 per share based on the 30-day Volume Weighted Average Price. Betr’s offer doesn’t close until September 22, giving shareholders more time to consider.
The PointsBet board remains firmly in MIXI’s corner though.
How the Takeover Battle’s Unfolding
PointsBet’s board unanimously backs MIXI’s unconditional all-cash offer over Betr’s share-based proposal. They’ve told shareholders to “take no action” regarding Betr’s offer since they consider MIXI’s bid superior.
Betr cancelled its upcoming meeting about a selective share buyback after reaching an undertaking with the Takeovers Panel. The company’s board unanimously recommends shareholders accept their offer despite PointsBet’s opposition.
MIXI’s working steadily toward its 50% target while Betr tries to disrupt those plans. The different closing dates mean shareholders have time to weigh both options, but MIXI’s earlier deadline creates more urgency around their cash offer.
