PointsBet has once again urged its shareholders to accept MIXI’s takeover offer and take no further action towards betr’s unsolicited scrip offer due to the “significant risks” it poses to shareholders.
MIXI assumed majority control of PointsBet on Monday, 8 September, obtaining approximately 51.9% of the Australian operator and 180,267,191 PointsBet shares.
With MIXI now in control, it stated that betr will have no representation on the PointsBet board “either now or in the future”.
The Japanese conglomerate’s A$1.25 per share takeover offer is its “last and final” offer and expires on 12 September.
With the deadline looming, PointsBet non-executive chair Brett Paton said in a statement signed off by the board that its members should accept the offer, while making it clear betr’s bid of 4.475 betr shares per PointsBet share, or A$1.40 per share, should be rejected for several reasons.
Betr’s offer has a selective buy-back for shareholders to participate in. However, in the PointsBet statement released today, 10 September, it was noted that betr needs consent from the National Australia Bank (NAB) to undertake the selective buy-back.
The operator currently owes NAB A$33m and, according to the statement, because of that “there appears to be little incentive for NAB to provide” the requisite consent.
Additionally, the statement noted that betr had a negative free cashflow over A$25m in full year 2025, while the supplementary independent expert report (IER) provided by betr on 5 September stated that it would not be fair to other betr shareholders if shares were repurchased at A$0.32 per share as it would be above their market value.
PointsBet added that if the NAB does not provide consent, betr cannot proceed with the selective buy-back until the A$33m is repaid and, in the event that happened, betr would have less net cash available – down from A$104.9m on 30 June to A$58.1m.
Additional reasons for PointsBet shareholders to reject the betr offer were listed, with the operator’s third supplementary bidder statement on 5 September disclosing that its cash reserves were A$85m at the time of writing.
This would mean betr would have lost roughly A$6.5m for the time period between 30 June 2025 and 5 September 2025.
PointsBet said a “consequence” of a reduced selective buy-back is that only 11.9% of PointsBet shares can accept betr’s scrip offer and selective buy-back before a scale back is applied.
If going by the A$6.5m figure, the percentage of shares that can be accepted falls to 10.6%, which can be reduced further if betr suffers further losses by its selective buy-back proposed date of 23 October 2025.
The statement added that shareholders will be “exposed to significant risks” by moving forward with the betr bid, noting: “Based on betr’s latest disclosed voting power, 8% of PointsBet shares have accepted the unsolicited betr scrip offer or tendered their PointsBet shares into betr’s institutional acceptance facility.
“There is limited head room before the scale back is likely to apply.
“A scale back means you will be left holding betr shares. The low liquidity of betr shares on the ASX means you may be unable to sell betr shares on the ASX at or around the prevailing market price.
“For reference, zero betr shares were traded on the ASX on 9 September 2025 (being the trading day before the date of this document).
“You should also be aware that betr shareholders may not pass the special resolution to approve the selective buy-back at the betr shareholder meeting scheduled to be held on 22 September 2025.
“In that circumstance, the selective buy-back would not occur and you will continue to hold betr shares.”
EGR has contacted betr for comment.
The post PointsBet urges shareholders to accept MIXI’s takeover offer before deadline first appeared on EGR Intel.
Japanese conglomerate assumed majority control of operator at the start of the week, with bid due to expire on 12 September
The post PointsBet urges shareholders to accept MIXI’s takeover offer before deadline first appeared on EGR Intel.