MIXI Australia has said it will not accept Betr Entertainment’s all-scrip offer for PointsBet, in the latest development of the ongoing takeover saga.
Last week, MIXI offered PointsBet a deal worth up to A$1.30 per share if the Japanese conglomerate acquires 90% of PointsBet shares, although should MIXI fail to reach the 90% threshold then the value falls to A$1.25 per share.
Betr, PointsBet’s largest shareholder at 19.9%, stated it would not accept the offer, meaning the bid fell to the lower value.
In response, MIXI released a statement confirming that it will not accept Betr’s offer, worth up to A$1.35 per share, which would prevent the operator from acquiring 90% or more of PointsBet’s shares.
In a letter signed by MIXI director Taishi Oba, dated 25 August, it was once again reiterated that shareholders have until 7pm Melbourne time on 29 August 2025 to accept the final bid, and that the deadline will not be extended further.
The statement read: “Since lodging the second supplementary bidder’s statement, MIXI Australia has had an opportunity to review and consider PointsBet’s target statement dated 21 August 2025 and Betr’s notice of extraordinary general meeting dated 22 August 2025.
“MIXI Australia has now determined that it will not accept the all-scrip offer from Betr for PointsBet shares as set out in Betr’s replacement bidder’s statement dated 18 August 2025 (‘Betr’s offer’) nor any subsequent improvement in Betr’s offer (if applicable).
“Consequently, as MIXI Australia has currently received acceptances of its takeover offer in respect of 37.86% of PointsBet shares, Betr will no longer be able to acquire 90% or more of PointsBet shares, nor to proceed to compulsory acquisition of the remaining PointsBet shares.
“This means that Betr will not be able to achieve full control of PointsBet nor fully realise the $44.9m of annual synergies which Betr estimates in Betr’s replacement bidder’s statement.
“Nor will the increased selective buy-back pool condition required to ‘upsize’ Betr’s proposed selective share buy-back be satisfied.”
MIXI’s offer of A$421m at the start of August, which was worth A$1.25 per share, received unanimous approval from the PointsBet board.
This led to Betr increasing its bid on 18 August, an unsolicited all-scrip takeover proposal worth up to A$1.35 per share. This was based on Betr’s oversubscribed A$130m capital raise valued at A$0.32 per share.
Betr requested an intervention from the Australian Takeovers Panel, calling for restraints against PointsBet shareholders to reject MIXI’s previous offer. This request was subsequently dismissed by the panel.
Meanwhile, media reports have suggested Betr chair Matt Tripp is weighing up trying to acquire Entain’s Australian business, where it operates Ladbrokes and Neds.
According to the reports, Tripp met with Entain execs in London earlier this month to discuss a potential deal.
Today, 26 August, Entain announced that Andrew Vouris has been made permanent CEO of Entain Australia and New Zealand (ANZ). He had previously occupied the role on an interim basis.
The post MIXI Australia refuses to accept Betr’s all-scrip PointsBet takeover bid first appeared on EGR Intel.
Japanese conglomerate retaliates by rejecting operator’s offer, while media reports suggest Betr could switch focus to make a play for Entain’s business Down Under
The post MIXI Australia refuses to accept Betr’s all-scrip PointsBet takeover bid first appeared on EGR Intel.