Japanese tech and entertainment group Mixi has officially released its bidder’s statement for the off-market takeover of ASX-listed PointsBet, outlining a fully funded all-cash offer of $1.20 per share. Mixi has already secured acceptances totalling 17.18 per cent, comprising pre-bid agreements with major shareholders like Bennelong Long Short Equity Management and Pictet Asset Management (Singapore), alongside an intent to vote in favour from PointsBet directors.
The bidder’s statement highlights that the $1.20 per share cash offer represents a substantial 44.6 per cent premium to recent trading levels, valuing PointsBet at an enterprise value of approximately $402 million. This formal launch follows earlier announcements made in June, signalling the commencement of the official offer process. The offer is subject to limited conditions, primarily a 50.1 per cent minimum acceptance threshold and the necessary regulatory approvals, including FIRB approval, which has already been secured.
PointsBet is an Australian corporate bookmaker with operations in Australia, the United States, Canada and Ireland. The company provides sports betting and iGaming products and services through its cloud-based platform. The takeover announcement comes after PointsBet received an unsolicited, all-scrip takeover offer of $1.03 from fellow ASX-listed entity Betr Entertainment on Wednesday.
PointsBet has advised its investors to take no further action at this time while it undertakes a thorough review of the Betr proposal. The board will assess both offers before making a formal recommendation to shareholders.
