PointsBet Holdings Limited has announced that its board of directors unanimously recommends shareholders accept the improved takeover bid from MIXI Australia, offering $1.25 cash per share. This recommendation stands in the absence of a superior proposal. MIXI’s offer has been declared unconditional, and the company currently holds a 28.2 per cent stake in PointsBet. PointsBet is an Australian corporate bookmaker with operations in Australia, the United States, Canada and Ireland. The company provides sports and racing betting products and services via its online platform.
MIXI has indicated that this offer is its “best and final” proposal. However, MIXI noted the possibility of increasing the offer price if its ownership stake crosses the 50 per cent threshold, with any such increase extending to all shareholders who accept the offer. Currently, all PointsBet directors have accepted the MIXI offer.
The other offer on the table is from ASX-listed Betr, which has proposed an all-scrip takeover. Betr’s offer consists of 4.219 Betr shares for each PointsBet share held, equating to approximately $1.35 per share. However, the PointsBet board views the MIXI offer as more favourable given the certainty of the cash consideration.
Shareholders are advised to carefully consider the details of both offers before making a decision. The PointsBet board’s recommendation is based on their assessment that the MIXI offer currently represents the most compelling value and certainty for shareholders.
