PointsBet Holdings Limited (ASX: PBH) has received a revised takeover offer from MIXI Australia, a wholly-owned subsidiary of MIXI Inc. PointsBet is an Australian corporate bookmaker, licensed in the Northern Territory. The company provides sports and racing betting products and services to consumers through its PointsBet app and website. MIXI Australia’s improved offer stands at A$1.30 per PointsBet share should they acquire 90% or more of the company, or A$1.25 per share if they acquire less than 90%. MIXI Australia has declared this as its ‘Last and Final’ offer, meaning it will not be increased.
The revised offer is a direct response to the competing proposal from betr, which MIXI Australia deems ‘materially inferior’. MIXI Australia highlights that its offer is unconditional and all-cash, providing certainty to PointsBet shareholders. In contrast, they argue that betr’s scrip-based offer carries inherent uncertainty related to the fluctuating value of betr shares and the timing of potential synergies.
MIXI Australia currently holds acceptances for 37.12% of PointsBet shares. They emphasise the certainty of their funding, backed by MIXI Inc’s substantial cash reserves. The offer period has been extended until 29 August 2025 and MIXI Australia confirms that this will be the final extension. Shareholders can accept the MIXI Australia offer via the Automic investor portal.
MIXI Australia has criticised betr’s proposal citing uncertainty around their share price, the quantum and timing of synergies, and the size and price of a selective buy-back. MIXI Australia offer is unconditional and provides an expeditious payment on acceptance, which is open for acceptance until 7:00pm on 29 August 2025.
