The PointsBet Board is reviewing a non-binding takeover proposal submitted by Betr Entertainment Limited. According to the company, this offer may become superior to the original proposal received from MIXI Australia Pty Ltd.
Following a detailed analysis supported by external advisors, PointsBet stated that Betr’s proposal could “reasonably be considered to be a superior proposal” within Australian corporate law when compared to the agreement currently recommended by the board with MIXI.
Offer details
Betr’s offer includes a payment structure consisting of 57% cash and 43% shares. Therefore, PointsBet and Betr will conduct a mutual due diligence to further evaluate the potential transaction. Therefore, in this process, the announced synergies and the value attributed to the share portion proposed by Betr will be analyzed in particular, which strongly impacts the final value of the offer.
PointsBet has highlighted that due diligence will be conducted in stages, with an initial focus on these key value drivers. To date, PointsBet has not decided to terminate the current process with MIXI. However, it recognizes that it is its fiduciary duty to evaluate any legitimate proposal that enhances shareholder value.
PointsBet’s board currently unanimously recommends that shareholders approve the proposed deal with MIXI Australia Pty Ltd, a subsidiary of technology and media company MIXI.
Under the agreement with MIXI, PointsBet shareholders would receive A$1.86 in cash per share. The offer values PointsBet’s equity at approximately A$410 million, representing a premium to the pre-announcement share price.
The conclusion of the deal depends on regulatory approvals, a court decision and a shareholder vote, scheduled for this year.
PointsBet Board Maintains Preference for MIXI Deal
The PointsBet board has confirmed that it remains committed to the MIXI deal unless a superior proposal emerges. MIXI announced the deal in early 2025 and plans to acquire all of the issued shares of PointsBet through an approved court process.
The board’s recommendation is still subject to an independent report, which should confirm that this transaction represents the best interests of shareholders. At this time, the board has not withdrawn its support for MIXI’s offer. However, it has engaged in good faith dialogue with Betr to assess whether its proposal truly adds greater value.
PointsBet advises shareholders not to take any immediate action and guarantees that it will keep the market and shareholders informed about upcoming developments.
If, after analysis, the board concludes that Betr’s proposal is superior, it may review its recommendation, respecting the conditions of the contract signed with MIXI and legal obligations.
This scenario places PointsBet at a decisive moment, as disputes over its acquisition could change the company’s strategic direction. The analysis of Betr’s proposal does not guarantee the closing of the deal. However, it shows the board’s responsibility to always seek alternatives that can maximize value for shareholders.
