PointsBet has responded to the improved takeover offer from Betr, noting that it is “materially below” that of MIXI’s bid, ahead of the shareholder meeting next week.
Betr announced today, 20 June, that it would make an “off-market, all scrip takeover offer” for all of PointsBet’s shares, not already held by the BlueBet parent company.
The offer consists of 3.81 Betr shares for every PointsBet share, which the firm said would equate to A$1.22 (£0.48) per share based on Betr’s A$0.32 share price.
Betr claimed that this compared favourably to 30-, 60- and 90- volume-weighted average price of A$0.322, A$0.318 and A$0.324.
The offer also comes with a selective buyback option for PointsBet shareholders who accept the offer, allowing them to receive cash of A$1.22 per share.
This would take place after the offer has closed and will be capped at A$80m, unless Betr receives interest in at least 90% of the shares in PointsBet and moves forward with compulsory acquisition.
Should this happen, Betr said it has secured funding to increase the pool to A$200m.
The company added that when compared to MIXI’s offer, it would not be subject to any minimum acceptance condition, “providing certainty to PointsBet shareholders”.
On the offer, which has Jarden as financial adviser and Arnold Bloch Leibler acting as legal adviser, Betr chair Matt Tripp said: “This is a compelling opportunity to consolidate value in the Australian wagering sector.
“Our offer provides PointsBet shareholders with flexibility – either cash for immediate liquidity or the ability to participate in the long-term upside of the combined entity.
“We’re offering real value, execution certainty and the leadership experience needed to deliver.”
However, the PointsBet board immediately said it considered Betr’s latest bid to be inferior to MIXI’s offer of A$1.20 per share.
A statement read: “PointsBet notes that, based on Betr’s closing share price on 19 June 2025, Betr’s proposed takeover offer has an implied value of A$1.086 per PointsBet share.
“This value is materially below the A$1.20 in cash per PointsBet share being offered by MIXI Australia.”
MIXI’s improved offer of A$402m at the start of June received Australian government approval on 12 June, with PointsBet shareholders expected to vote on MIXI’s offer on 25 June.
As it stands, the board is unanimous in its recommendation to vote in favour of the Japanese conglomerate’s improved bid.
The post PointsBet: Betr’s latest offer is “materially below” MIXI’s takeover bid first appeared on EGR Intel.
Operator claims fresh terms would value business at less than A$1.09 a share, falling short of Japanese conglomerate’s preferred bid of A$1.20
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