MIXI Australia’s long-running pursuit of PointsBet looks set to reach a conclusion after the company announced that its total holding in the operator has exceeded 50%, securing it majority ownership.
MIXI secured the stake on the evening of 5 September, noting its holding in PointsBet hit 51.59%. This means MIXI now has majority control of PointsBet, with the operator running as a controlled entity and subsidiary of MIXI.
The news means Betr Entertainment, which has also been seeking a takeover of PointsBet, can no longer acquire a majority interest. With this, the takeover saga, which began in February, could be coming to an end.
MIXI said in a letter on Monday that its takeover offer would remain open until 12 September. Shareholders that accept the offer prior to this date will be paid in line with the proposal.
In its letter MIXI directly referenced Betr’s proposal when confirming the holding news in a statement, squashing any possibility of a collaboration between the two parties.
“MIXI Australia notes that Betr believes there is scope for ‘potential synergy realisation’ through collaboration with a MIXI-controlled PointsBet,” MIXI said. “We do not intend to engage in any such collaboration with Betr.”
The PointsBet board has backed MIXI throughout the bidding war, despite Betr seeking to increase its deal value and synergies during the courting process.
What does MIXI’s latest PointsBet offer look like?
PointsBet once again recommended that shareholders vote in favour of the latest MIXI bid in August, which valued PointsBet at $1.25 in cash per share. This would increase to $1.30 per share if MIXI secured more than 90% of the total holding.
However, despite its now-majority holding, this latter price is highly unlikely. Betr currently holds a 19.9% stake in PointsBet and has refused to accept the latest MIXI offer.
Throughout the year Betr submitted several proposals of its own, each increasing in value. Its most recent all-share offer valued PointsBet at $1.40 per share. But PointsBet’s support for MIXI’s bid has continued and, on 22 August, it told shareholders to reject the bid in favour of MIXI’s proposal.
Betr Executive Chairman Matthew Tripp, however, maintained the operator was in a good position to take full control of PointsBet. Speaking during Betr’s FY25 earnings call on 28 August, he said the group’s proposal was “superior” in value.
Betr is yet to comment on the news of MIXI exceeding the 50% ownership milestone.
MIXI Australia’s pursuit of PointsBet could soon reach a conclusion after the company increases its holding in the operator to 51%.