PointsBet Holdings Limited (ASX: PBH) has received a decision from the Takeovers Panel regarding the competing takeover offers from MIXI Australia Pty Ltd and betr Entertainment Limited (ASX: BBT). PointsBet, a corporate bookmaker with operations in Australia, the United States, Canada and Ireland, is currently subject to a recommended cash offer from MIXI Australia and an unsolicited all-scrip, reverse takeover offer from betr.
The Takeovers Panel has accepted an undertaking from betr and declined to make a declaration of unacceptable circumstances following an application from PointsBet regarding betr’s bidder’s statement, notice of meeting, and related announcements. PointsBet raised concerns about disclosure issues, the proposed selective share buy-back of betr shares, alleged breaches of the minimum bid price rule, and the disclosure of voting power by betr’s Executive Chairman, Mr Matthew Tripp.
To address these concerns, betr has undertaken to prepare and dispatch a replacement bidder’s statement, cancel the shareholder meeting scheduled for 25 August 2025, and issue a replacement notice of meeting with an independent expert’s report. This new meeting will consider resolutions to approve the issue of betr shares under the betr Bid and the selective share buy-back. betr will also delay proceeding with the buy-back until it obtains an ASX waiver or shareholder approval regarding MIXI Australia’s potential participation.
The Panel determined that betr’s undertaking ensures adequate disclosure and appropriately structures the selective share buy-back, mitigating concerns about compliance with Chapter 6 of the Corporations Act. Interim orders made on 29 July 2025 have now ceased. The Panel will publish its reasons for the decision on its website in due course.
