Betr continues pursuit with fresh PointsBet takeover bid

Betr has returned with projected savings of $0.67 per PointsBet share, giving its new offer a potential value of up to AU$1.89 per share.
PointsBet Betr MIXI
Betr Entertainment remains in pursuit of PointsBet, competing head-to-head with MIXI Australia’s proposals.

The operator has put forward a renewed, all-share acquisition plan for PointsBet, claiming its latest offer is “superior” to MIXI Australia’s, which recently failed to secure majority backing after a recount in June.

In its updated proposal, Betr is offering 3.81 of its own shares for every single PointsBet share. Based on a Betr stock price of $0.32, this equates to AU$1.22 per PointsBet share.

On the surface, these figures mirror its previous approach, which PointsBet dismissed as “materially” under MIXI’s $1.20 per share cash bid. Still, Betr outlined several advantages that it believes set its offer apart.

Betr stressed its plan allows shareholders to benefit from “significant value creation” of the merged group. This includes $44.9 million in annual cost savings, equal to around $0.67 per share if fully achieved.

Factoring in the AU$1.22 share exchange, Betr’s proposal could deliver AU$1.89 per PointsBet share—surpassing MIXI’s offer considerably.

Betr signals possibility of enhancing its proposal

The offer is set to launch on 31 July and close on 8 September, unless extended. While there is no minimum acceptance threshold, approval from Betr shareholders is required. The group also noted it could raise its bid further and will provide an update if necessary.

“This is only the beginning of the value creation journey we foresee for Betr and PointsBet shareholders,” Betr said.

“Investors could unlock long-term gains, backed by the Betr team’s proven success, added scale in a consolidating industry, and the opportunity to join Australia’s only ASX-listed digital wagering operator with enhanced appeal for institutional investors and potential ASX 300 entry,” the company added.

Neither PointsBet nor MIXI has yet released official statements regarding this new bid.

The fate of earlier PointsBet proposals

Momentum in the PointsBet takeover race slowed after Betr’s prior bid was rejected. Yet a disputed shareholder vote recount last month paved the way for another attempt by Betr.

On 25 June, PointsBet shareholders voted on MIXI’s proposal, with 95.69% approving it. However, proxy results showed only 69.47% in favour.

Betr accused PointsBet of “wrongfully excluding” its opposition vote without justification. Holding 19.9% of voting rights, Betr argued its proxy ballot was omitted from the final count.

An investigation uncovered a system error excluding Betr’s votes, prompting a recount. Results shifted, showing 70.48% supported the offer and 29.52% opposed—insufficient to carry the MIXI scheme.

MIXI and Betr face off once again

Following the recount, MIXI countered with a revised all-cash proposal versus Betr’s share-based approach. This valued PointsBet at $402 million, matching MIXI’s earlier offer.

The revised deal carried a 44.6% premium over the closing price of $0.83 on 25 February 2025—the last close before the announcement.

This offer requires 50.1% shareholder approval and regulatory clearance. In July, Ontario regulators granted approval, as PointsBet also runs operations in Canada.

The PointsBet board confirmed it would unanimously back the updated MIXI cash proposal.