MIXI Raises PointsBet Offer to $1.25, Secures Unconditional Bid and Board Support
PointsBet Holdings has updated shareholders on MIXI Australia’s unconditional takeover offer, raising the cash price to $1.25 per share and securing unanimous board support. The company also dismissed a rival scrip bid from Betr Entertainment as inferior.
- MIXI increases offer price from $1.20 to $1.25 per share
- Takeover offer now unconditional following FIRB approval
- PointsBet Board unanimously recommends accepting MIXI’s offer
- MIXI holds 33.71% stake and may raise offer if acquiring over 50%
- PointsBet rejects rival Betr Entertainment’s scrip takeover bid
Unconditional Offer and Price Increase
PointsBet Holdings Limited has provided a significant update on the ongoing takeover battle for its shares. MIXI Australia Pty Ltd, a subsidiary of Japanese tech firm MIXI, Inc, has increased its cash offer price from $1.20 to $1.25 per share. This revised offer follows the satisfaction of all regulatory conditions, including approval from the Foreign Investment Review Board (FIRB), rendering the takeover bid unconditional.
The unconditional status removes previous withdrawal rights for shareholders who have accepted the offer, making the contract binding. MIXI currently holds a 33.71% relevant interest in PointsBet shares and has reserved the right to increase the offer price further if it surpasses a 50% ownership threshold.
Board’s Unanimous Endorsement
The PointsBet Board has unanimously recommended shareholders accept MIXI’s improved offer, citing it as superior to the competing unsolicited scrip offer from Betr Entertainment Limited. Each PointsBet director has accepted the MIXI offer themselves, signaling strong internal confidence in the deal’s value and strategic merits.
PointsBet’s leadership has explicitly advised shareholders to take no action regarding Betr’s scrip bid, which was recently increased but still deemed materially inferior. The board’s firm stance aims to provide clarity amid competing proposals and encourages shareholders to capitalise on the certain cash consideration now available.
Implications for Shareholders and Market
Shareholders who accepted the MIXI offer prior to it becoming unconditional can expect payment by 29 August 2025, with subsequent acceptors to be paid within 10 business days of acceptance. The firm timeline and unconditional nature of the offer reduce uncertainty for investors contemplating their next move.
Meanwhile, the takeover battle highlights the growing interest in Australia’s online betting sector, with MIXI’s strategic acquisition potentially reshaping the competitive landscape. The possibility of a further price increase if MIXI crosses the 50% ownership mark adds an intriguing dynamic for shareholders weighing their options.
Looking Ahead
As the offer period approaches its close on 25 August 2025, the market will be watching closely for shareholder acceptance levels and any new developments from MIXI or rival bidders. The board’s clear recommendation and the unconditional status of the offer set the stage for a likely conclusion to this chapter in PointsBet’s corporate story.
Bottom Line?
With the MIXI offer now unconditional and board-backed, PointsBet shareholders face a pivotal decision as the deadline nears.
Questions in the middle?
- Will MIXI increase its offer if it surpasses 50% ownership?
- How will Betr Entertainment respond to the board’s rejection of its scrip offer?
- What impact will this acquisition have on PointsBet’s strategic direction and market position?
