Mixi Tries to Better Betr Offer for PointsBet Acquisition
Mixi Australia has lifted its takeover proposal for PointsBet to AUD1.25 per share in cash and confirmed the bid is now unconditional. This move escalates its push to gain control of the ASX-listed wagering operator as it faces off against a competing bid from Betr.
LISTEN TO THIS ARTICLE:The Japanese-owned firm's updated offer, announced on August 8, led PointsBet's board to unanimously advise shareholders to accept. Board members have also committed their own holdings to the deal, noting their recommendation stands unless a more attractive proposal emerges.
Related: PointsBet Takeover Intensifies amid New BiddingThe revised figure represents a 44.6% premium on PointsBet's final closing price before takeover rumors began in February. It also improves upon the AUD1.20 per share offer made in July and removes all outstanding conditions, enabling rapid settlement once shareholders agree. Mixi has indicated it will aim to pay accepting shareholders within 10 business days from the date of acceptance under the enhanced terms.
A key alteration in the updated bid is the elimination of the 50.1% minimum acceptance threshold, a change that increases the likelihood of completion. Mixi has labelled the AUD1.25 per share rate as its best and final price unless it acquires a majority stake in the company.
If that majority is achieved, Mixi reserves the option to raise the offer further, with any increase applied equally to all shareholders regardless of when they accepted.
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Mixi and Betr Still in a Showdown
Mixi Australia, a subsidiary of Tokyo-listed Mixi, already controls 28.2% of PointsBet, including shares accepted via its Institutional Acceptance Facility. The takeover proposal remains open until mid-August unless extended. The higher bid is seen as an effort to reinforce Mixi's advantage over a competing offer from Betr, revealed on July 17.
Betr's alternative is an all-share deal, proposing 3.81 Betr shares for every PointsBet share. This offer is subject to shareholder consent and regulatory approvals before it can proceed.
PointsBet has urged investors to hold off on responding to Betr's approach until a detailed company review is issued. It has previously argued that Betr's proposal lacks a cash element, depends on uncertain synergy forecasts, and fails to fully consider potential revenue losses following a merger.
The company has also suggested that the valuation assumptions behind Betr's offer are overly optimistic, casting doubt on the credibility of its projected outcomes. In contrast, Mixi's upgraded proposal is fully backed by the parent company's cash reserves and contains no financing contingencies, offering a certainty of funds that the all-share rival bid cannot provide.
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