Betr and MIXI’s PointsBet bidding war hots up
Betr has upped its all-share offer while MIXI stands by a cash deal backed by regulatory approval and board support.
Australia.- A bidding war is afoot for Australian sportsbook operator PointsBet as Betr Entertainment and Japan’s MIXI Australia present competing offers to acquire the company.
Betr has made a revised all-stock proposal, valuing PointsBet at up to AU$1.89 (US$1.2) per share when factoring in projected cost synergies. It proposes an exchange of 3.81 Betr shares for each PointsBet share and argues that a merger would unlock AU$44.9m (US$29.2m) in annual savings for what would be Australia’s only ASX-listed, pure-play digital wagering company, emphasising investor appeal if the combined entity gained ASX 300 inclusion.
However, the PointsBet board continues to back MIXI’s all-cash offer of AU$1.20 (US$0.70) per share, which comes with fewer conditions, full funding and regulatory clearance from authorities in Ontario, Canada. The board unanimously recommends the MIXI deal, noting it provides shareholders with liquidity and shields them from regulatory and operational volatility in key markets like Canada and Australia.
MIXI, which already holds 9.15 per cent of PointsBet shares through pre-bid agreements, has structured its latest offer as an off-market takeover requiring 50.1 per cent shareholder approval. Its previous scheme arrangement narrowly failed to pass after a contentious vote recount revealed proxy complications involving Betr’s 19.9 per cent stake.
