Australian wagering firm Betr Entertainment has intensified its efforts to acquire PointsBet, announcing an upgraded all-scrip offer that places a higher per-share value than the rival bid from MIXI Australia. Betr now proposes 4.219 of its shares for each fully paid ordinary share in PointsBet that it does not already own. The revised terms value PointsBet at approximately AU$1.35 ($0.84) per share, surpassing MIXI’s all-cash offer of AU$1.20 ($0.75).
The valuation relies on Betr’s share price during its recent capital raising, pegged at AU$0.32, and its latest closing price of AU$0.321. Even using the two-day volume-weighted average price of AU$0.31, the offer still implies a value of around AU$1.33 ($0.82) per PointsBet share—still outpacing the MIXI proposal.
Betr plans to formally raise its offer as soon as the official bidding window opens. “This is a superior offer for PointsBet shareholders, who would benefit from being part of a stronger, combined business,” the company stated in its ASX Announcement (pdf). “We remain confident in the strategic rationale of the merger, which will unlock material value and support profitable growth in the Australian wagering market.”
Takeovers Panel Issues Interim Block on Betr’s Bid Documents
However, Betr’s aggressive play has drawn regulatory intervention. The Australian Takeovers Panel has temporarily prohibited the company from distributing its bidder’s statement, following allegations from PointsBet of misleading disclosures in the documentation. This development puts a pause on Betr’s ability to circulate its proposal until the panel either makes a ruling or two months have passed.
PointsBet submitted a letter to the panel claiming Betr’s statements lacked transparency and omitted critical details. Among the chief concerns was the proposed AU$80 million selective buyback, which PointsBet argues effectively transforms the all-stock offer into a quasi-cash deal—an inducement that could violate corporate takeover rules.
The panel’s interim order highlights the seriousness of the complaints. PointsBet contends that the selective buyback was designed to artificially bolster Betr’s share price and sway shareholder opinion at a crucial juncture. It further alleges that Betr breached the minimum bid price regulations and failed to accurately disclose the full extent of executive chairman Matthew Tripp’s voting power and stake in the company.
“The circumstances adversely affect the market for control of PointsBet and the acquisition of control of PointsBet is not taking place in an efficient, competitive and informed market,” the company argued.
Rivalry Intensifies as Shareholders Weigh Competing Visions
PointsBet has long rebuffed Betr’s acquisition efforts and has instead endorsed MIXI’s all-cash offer of AU$1.20 ($0.79) per share. MIXI Australia, a Japanese-owned entity, currently controls 24.5% of PointsBet’s shares and has an additional 0.7% through an institutional acceptance facility. Betr, for its part, holds a 19.6% stake.
The recent enhancement of Betr’s proposal marks a significant step up from its earlier offer of 3.81 shares per PointsBet share—equating to AU$1.22 per share at the time. Despite PointsBet’s resistance, Betr continues to assert that its vision offers superior long-term value. “[We] continue to firmly believe in the combination rationale and that we can create material value for PointsBet and Betr shareholders by integrating these two businesses,” the company said.
“That upside is not available to PointsBet Shareholders under the inferior all-cash MIXI offer… Betr expects that the PointsBet Board will reconsider its recommendation that PointsBet shareholders accept the MIXI Offer and will now recommend the Betr Offer.”
To reinforce its position, Betr convened an extraordinary general meeting for 24 July, aiming to obtain shareholder approval for the selective buyback resolution. Nonetheless, PointsBet is seeking final rulings from the Takeovers Panel that would compel Betr to amend its bidder’s statement, restrain the selective buyback, and mandate clearer disclosures about executive ownership.
As the competition intensifies, PointsBet shareholders are being urged to wait before making any decisions. Betr has requested that investors hold off until both offers are officially open and all information is fully disclosed. In what is shaping up to be a high-stakes contest for control of a major player in Australia’s wagering market, all eyes are now on the Takeovers Panel and PointsBet’s next move.
