MIXI Australia has submitted an improved bid for PointsBet worth A$421m (£204.2m) as the long-running takeover saga continues.
The new bid is worth A$1.25 per share, up from MIXI’s previous offer of A$1.20 per share.
MIXI has also communicated to PointsBet this will be its “best and final” bid, “provided that MIXI Australia reserves the right to increase the offer price if it acquires more than 50% of PointsBet shares”.
The offer is also unconditional, with MIXI waiving its previous 50.1% minimum acceptance condition.
The bid has been accepted by PointsBet board members, who are unanimously recommending the operator’s shareholders follow suit.
MIXI’s offer will remain valid until 7pm on 25 August 2025, with the subsidiary of the Japanese entertainment conglomerate endeavouring to pay PointsBet shareholders within 10 business days of them accepting the bid.
In addition to receiving approval from the Foreign Investment Review Board (FIRB), MIXI has also provided assurances that it has been granted all required regulatory approvals from the Australian and Canadian gaming regulators.
Last month, Betr had its latest takeover bid for PointsBet rejected by the Australian operator’s board, which once again recommended MIXI’s bid to shareholders.
Betr’s offer would have allowed those with PointsBet shares the chance to exchange 3.81 betr shares for each PointsBet one, equivalent to A$1.22 per share, based on betr’s share price of A$0.32.
Betr then submitted another offer, which would see each PointsBet share traded for 4.219 Betr shares.
PointsBet proceeded to express its concerns regarding the offer to the Australian government.
PointsBet informed the Australian Takeovers Panel that Betr’s bid overstated the value of cost synergies, while failing to take into account the level of customer crossover between the two companies.
A MIXI statement read: “MIXI Australia’s increased offer is now unconditional and we encourage all PointsBet shareholders to accept our increased offer with the certainty of knowing that they will be paid expeditiously.
“MIXI Australia considers that the increased offer is superior to Betr’s all-scrip offer of 4.219 Betr shares for every one PointsBet share, and notes that the PointsBet board continues to unanimously recommend MIXI Australia’s offer in the absence of a superior proposal.
“The alternative proposal is an unsolicited, all-scrip reverse takeover offer from Betr, the value of which is dependent upon synergy estimates which the PointsBet board has labelled as ‘materially overstated’ in its 23 June 2025 announcement.
“The quantum and timing of Betr synergies is also largely dependent on Betr being able to achieve 100% ownership of PointsBet.
“As MIXI Australia’s increased offer is now unconditional, and MIXI Australia’s total holding in PointsBet is now 28.20%, there is no guarantee for PointsBet shareholders as to the quantum or timing of Betr synergies (if any).”
The post MIXI submits “best and final” A$421m PointsBet offer first appeared on EGR Intel.
Shareholders have been urged to accept the improved $1.25 per share offer by the PointsBet board in the latest stage of the protracted takeover saga
The post MIXI submits “best and final” A$421m PointsBet offer first appeared on EGR Intel.