Key Moments:
- MIXI has increased its voting power in PointsBet to 66.43 percent at the close of the offer on 12 September 2025.
- Moreover, PointsBet’s board endorsed MIXI’s $0.83 per share cash proposal over Betr’s all-scrip offer.
- In addition, share acquisitions between 10 and 12 September 2025 are expected to settle on a T+2 basis.
Acquisition Details and Offer Finalization
MIXI Australia, the fully owned subsidiary of MIXI Inc., has finalized its successful bid to take control of PointsBet Holdings Limited. At the conclusion of the off-market offer on 12 September 2025, MIXI’s voting stake rose from 61.59 percent to 66.43 percent. This increase was accomplished by acquiring an additional 16.8 million PointsBet shares, which were purchased on-market for $0.83 per share, alongside acceptances received under the terms set forth in MIXI’s July bidder’s statement. Furthermore, all share acquisitions completed between 10 and 12 September 2025 are scheduled for settlement on a T+2 basis.
Board Support and Competing Offers
Throughout the acquisition process, PointsBet’s board signaled their preference for MIXI’s all-cash offer.By contrast, a rival proposal from Betr offered shareholders 4.375 Betr shares for every PointsBet share. In its guidance, the board encouraged shareholders to evaluate each bid, while noting that MIXI’s cash proposal presented more reliable value compared with Betr’s share-based offer.
This view was also reflected in analysis from independent experts. Earlier in September, a supplementary report stated: “certain elements of Betr’s selective buy-back plan were not considered fair, though they were regarded as reasonable.” The report confirmed that MIXI’s $0.83 per share cash offer provided shareholders with more assured value.
Takeover Activity Timeline
Over the course of 2025, PointsBet became the center of a competitive acquisition process. MIXI initiated its all-cash, off-market offer in early 2025 at roughly $0.69 per share, a move quickly backed by PointsBet’s board. Not long after, Betr Entertainment introduced a competing all-scrip proposal, offering PointsBet shareholders shares in the merged company rather than cash—valuing PointsBet between $0.79 and $0.88 per share. These offers were conditional and based on anticipated synergies, which PointsBet’s management viewed skeptically.
Betr responded by increasing its bids and drawing on its estimated 20 percent holding in PointsBet, promoting the potential long-term value of its offer. Nonetheless, PointsBet’s leadership maintained a preference for the certainty provided by MIXI’s cash proposal. MIXI later improved its offer to $0.81 per share, which amounted to a 44.6 percent premium over the pre-offer trading price. The bid, unconditional in nature, promises cash payment to shareholders within 10 business days.
Key Dates and Settlement Information
| Date or Period | Event |
|---|---|
| Early 2025 | MIXI initiates all-cash takeover bid |
| July 2025 | MIXI issues bidder’s statement |
| 10–12 September 2025 | Shares acquired on-market and via acceptances |
| 12 September 2025 | Offer closes with MIXI at 66.43 percent voting power |
| T+2 after 10–12 September | Settlement of acquired shares to be completed |
Looking Ahead for PointsBet Under MIXI’s Control
With its new majority holding, MIXI now assumes a decisive role in PointsBet’s governance. While PointsBet’s operational plans remain unchanged for now, MIXI’s involvement introduces a period of stability after months of uncertainty and competitive bidding. PointsBet’s management and investor base await further developments as MIXI charts a new strategic direction for the company.
- Author
Daniel Williams
