Summary
- MIXI has stepped up with a new offer that surpasses both its previous bid and Betr's latest proposal, showcasing their commitment to taking the lead.
- The offer values the potential acquisition at AU$421 million, eliminating the need for 50.1% ownership.
- PointsBet’s Board of Directors stands firmly behind MIXI; now it's time for the shareholders to cast their votes.
A heated battle is unfolding between MIXI, the dynamic Japanese entertainment giant, and Betr, a leading Australian gambling powerhouse, as they both compete fervently to acquire PointsBet, a prominent sports betting firm in Australia.
MIXI returns to the bidding table with its final and superior bid
In recent months, PointsBet has consistently thrown its support behind MIXI's proposal, viewing it as superior to Betr's offers, despite Betr's recent attempt to improve its position with another all-share buyout proposal. Now, MIXI has returned with what it calls a final bid valued at a striking AU$421 million, the highest on the table. This new proposition edges up the per share price from AU$1.20 to AU$1.25. Interestingly, MIXI has lifted its previous requirement for a 50.1% minimum acceptance condition, suggesting that they might not aim for full control over the company's executive decisions down the line. PointsBet's Board of Directors has consistently favored MIXI's offers, and this latest bid is no different. However, it is ultimately up to the shareholders to voice their opinions. Shareholders have until 7 pm on August 25, 2025, to respond, with MIXI Australia ready to compensate them within 10 days after accepting the bid, promising prompt value. MIXI Australia's enhanced offer is now unconditional; we urge all PointsBet shareholders to embrace our offer, backed by the assurance of swift payment, MIXI stated. While Betr is pitching a swap of 3.81 of its shares for each PointsBet share, valuing it slightly higher at about AU$1.22 per share, MIXI's apparent final stance could enable Betr to step up with a better offer of its own.
MIXI maintains that PointsBet ought to accept its offer
Beyond just the financial concerns, PointsBet’s Board of Directors expressed reservations about Betr’s business model, highlighting their reliance on a relatively small group of players for the bulk of their revenue. In light of this and other considerations, MIXI confidently asserts that their offer holds significant advantages. MIXI Australia believes that the improved offer stands out compared to Betr's exchange of 4.219 Betr shares for every single PointsBet share. The PointsBet board remains unified in recommending MIXI Australia’s offer unless a better proposal is presented.
