Key Moments:
- MIXI has acquired a 51.59% stake in PointsBet as of Friday evening.
- The MIXI offer will be open until September 12, providing shareholders with payments according to the current proposal.
- PointsBet’s board has recommended MIXI’s cash offer, while Betr holds 19.9% and opposes the bid.
Majority Ownership Secured
MIXI has obtained majority control of PointsBet by elevating its shareholding to 51.59%, bringing an apparent end to competition from rival bidder Betr for the sports betting company. With this move, PointsBet becomes a subsidiary under MIXI’s management, following a takeover contest that began in February.
Offer Period and Shareholder Terms
MIXI stated that its acquisition proposal remains available until September 12. Shareholders who agree to the offer before that deadline are set to receive payment terms as outlined in the original proposal. MIXI has also clarified, “MIXI Australia notes that Betr believes there is scope for ‘potential synergy realisation’ through collaboration with a MIXI-controlled PointsBet. We do not intend to engage in any such collaboration with Betr.”
Board Endorsement and Competing Bids
The PointsBet board has consistently sided with MIXI, recommending that shareholders in August support the cash offer of AU$1.25 ($0.81) per share, rising to $1.30 if MIXI obtains over 90% of the shares. That scenario remains unlikely, as Betr owns 19.9% of PointsBet and has chosen not to tender its holding. Throughout the year, Betr placed several proposals, including its most recent all-share deal valued at $1.40 per share. On August 22, PointsBet advised shareholders to dismiss Betr’s offer in favor of MIXI’s.
| Offeror | Type of Offer | Value per Share | Shareholding | Board Recommendation |
|---|---|---|---|---|
| MIXI | Cash | AU$1.25 (AU$1.30 if >90% secured) | 51.59% | Recommended |
| Betr | All-Share | AU$1.40 | 19.9% | Not recommended |
Rival Perspective
Betr Executive Chairman Matthew Tripp told investors on August 28 that his group’s proposal was “superior” in value.
- Author
Daniel Williams
