MIXI Blocks betr’s Bid, Stalls Full Control of PointsBet
MIXI Australia has firmly rejected betr’s all-scrip takeover offer for PointsBet, preventing betr from gaining majority control and forcing a stalemate in the takeover battle.
- MIXI Australia refuses betr’s all-scrip offer for PointsBet shares
- betr unable to acquire 90% ownership or compulsory acquisition rights
- betr declines to accept MIXI’s offer, halting price increase
- MIXI holds 37.86% stake in PointsBet as of 22 August 2025
- Offer period closes on 29 August 2025 with uncertain final acceptance
Stalemate in the PointsBet Takeover Race
The ongoing takeover tussle for PointsBet Holdings Limited has reached a critical impasse. MIXI Australia Pty Ltd, a subsidiary of Japanese tech firm MIXI, Inc, has issued its third supplementary bidder’s statement confirming it will not accept the competing all-scrip offer from rival bidder betr. This refusal effectively blocks betr from acquiring the 90% ownership threshold needed to force compulsory acquisition of remaining shares and secure full control of PointsBet.
Implications for betr’s Strategy and Synergies
betr’s strategy hinged on consolidating control to unlock an estimated $44.9 million in annual synergies. With MIXI’s rejection, betr’s path to full ownership is obstructed, and the proposed selective share buy-back plan will not meet its conditions. betr has also publicly declined to accept MIXI’s offer, which means MIXI will not raise its bid price beyond the current $1.25 cash per share. This mutual refusal signals a deadlock, leaving both bidders with significant stakes but no clear majority.
Current Shareholding and Offer Timeline
As of 22 August 2025, MIXI Australia and its associates hold a substantial 37.86% voting interest in PointsBet shares. The offer period for the takeover bids is set to close on 29 August 2025, with shareholders urged to submit their acceptances promptly. The final acceptance levels will be pivotal in determining whether either bidder can break the deadlock or if the contest will drag on, potentially impacting PointsBet’s share price and strategic direction.
What Lies Ahead for PointsBet?
The refusal by both parties to accept each other’s offers introduces uncertainty for PointsBet’s future ownership and governance. Investors will be watching closely for any last-minute moves, counteroffers, or strategic alliances as the deadline approaches. The outcome will not only shape PointsBet’s trajectory but also signal the competitive dynamics in the online betting sector, where consolidation and synergy realization remain key themes.
Bottom Line?
With both bidders entrenched, the PointsBet takeover saga is set for a tense finish as the offer deadline looms.
Questions in the middle?
- Will MIXI or betr make a final counteroffer before the 29 August deadline?
- How will PointsBet’s share price react to the ongoing takeover stalemate?
- Could a third party emerge to disrupt the current bidding deadlock?
