The intense battle for control of PointsBet has reached a pivotal moment as MIXI Australia raised its all-cash takeover bid to AU$1.30 per share. This upgraded price will only apply if MIXI secures at least 90% ownership of the company; otherwise, shareholders will receive AU$1.25 per share. Alongside the revised offer, MIXI has extended the deadline for acceptances to August 29, noting that no additional extensions will be granted.
This development comes after months of competitive proposals between MIXI and rival bidder 大佬Online. Betr has put forward an all-scrip offer valued at around AU$1.27 per share, based on the current trading price of its own shares. While Betr has repeatedly revised its proposal to entice PointsBet shareholders, the company’s board has consistently expressed its support for MIXI’s bid, citing its certainty and straightforward structure.
Final Cash Proposal Gains Traction
MIXI has emphasized that this revised bid represents its “last and final” offer and that it does not intend to increase the price further. The offer is particularly appealing because it is entirely cash-based, giving shareholders a guaranteed return without the risk associated with fluctuating stock values or projections tied to synergies. MIXI has also stressed that the proposal is backed by approximately AU$942 million in cash reserves, allowing it to quickly settle payments once the deal is finalized.
As of now, MIXI has already secured acceptances for approximately 37.12% of PointsBet shares, reflecting support from several institutional investors and long-term stakeholders. As stated in the company’s press release, the company’s ability to reach the 90% threshold will determine whether the higher AU$1.30 rate applies. Should it fall short of this target, the offer would revert to AU$1.25 per share. Betr currently holds close to 20% of PointsBet’s voting power, positioning it as a potential obstacle to MIXI achieving full ownership.
PointsBet’s board continues to recommend MIXI’s offer, highlighting the certainty of an all-cash transaction in contrast to Betr’s stock-based proposal, which they argue is burdened with uncertainties. The board has noted that Betr’s valuation relies on projections they consider “materially overstated,” while also pointing out the additional risks of uncommitted financing and conditional elements tied to Betr’s bid. MIXI, by comparison, has committed to processing shareholder payments within 10 business days, ensuring a quicker and more reliable payout for those who accept.
Countdown to the August 29 Deadline
The road to this point has been marked by several rounds of negotiations and bid revisions. MIXI’s original proposal in February valued PointsBet at AU$1.06 per share, representing a significant premium at the time. Subsequent rounds of offers from both MIXI and Betr drove the valuation higher, with MIXI maintaining its position as the preferred bidder throughout the process. Betr’s latest move to open its formal takeover offer in mid-August prompted MIXI to make its final upward adjustment, further reinforcing its determination to secure the acquisition.
The extended deadline of August 29 marks a critical moment for PointsBet shareholders. MIXI has clarified that the acceptance period will only be extended if it surpasses the 50% ownership level or if the terms of the offer are adjusted, which would automatically trigger a two-week extension. Otherwise, shareholders will need to make their decision by the end of the current acceptance window.
Market activity following the announcement reflected investor interest in the ongoing takeover. PointsBet shares closed slightly higher at AU$1.26 in Sydney, while Betr shares fell to AU$0.30. In Tokyo, shares of MIXI Inc., the parent company of MIXI Australia, closed up 1.23% at ¥3,280.00.
With the deadline fast approaching, MIXI’s all-cash proposal stands out as the most straightforward path for PointsBet shareholders, offering immediate value and a rapid settlement process. Whether it will secure the required 90% threshold remains uncertain, particularly with Betr’s substantial stake in the company, but the final decision now rests with shareholders as the takeover saga nears its conclusion.
