PointsBet has announced it has entered into a Deed of Variation with MIXI and MIXI Australia following an improved bid to acquire the Australian and Canadian operator.
The improved offer follows last month’s announcement that PointsBet was considering Betr’s takeover offer submitted in April, worth A$360m (£173m), comprising A$260m in cash and A$100m worth of Betr shares.
However, MIXI returned with an offer that represents a 13.2% increase from A$1.06 to A$1.20 per share and an enterprise value increase to A$402m, worth A$49m to PointsBet shareholders.
MIXI added that if the new bid is not approved, it would be willing to continue the deal “via an off-market takeover bid” worth A$1.20 per share.
A PointsBet statement read: “MIXI has also informed PointsBet in writing that the MIXI board is still considering the precise terms and conditions of any potential takeover offer and will not definitively determine to make a potential takeover offer unless and until a bid has been agreed, signed and exchanged between the relevant parties.
“There is no certainty that any bid will be entered into and/or that the potential takeover offer will proceed if the scheme does not proceed.”
The scheme meeting, initially scheduled for 12 June 2025, has been postponed until 25 June 2025 and approved by the Federal Court of Australia.
Following the news, PointsBet halted trading on the ASX in Sydney but noted that normal trading would resume on Thursday, 5 June “when the announcement is released to the market”.
An update on Betr’s proposal was also announced, with PointsBet confirming it is in a period of due diligence to assess the bid made on 29 April.
The statement added: “As at the date of this announcement, PointsBet and Betr are continuing with the due diligence as the PointsBet board, with the input of its external advisers, further assesses the Betr proposal in light of the improved proposal.
“PointsBet will keep shareholders and the market informed of any material developments in relation to the Betr proposal.”
Flagstaff Partners is currently acting as financial adviser to PointsBet alongside Baker McKenzie as legal adviser.
The post PointsBet receives improved takeover offer of A$402m from MIXI first appeared on EGR Intel.
Japanese conglomerate increases bid from A$1.06 to A$1.20 per share as Australian operator halts trading on ASX
The post PointsBet receives improved takeover offer of A$402m from MIXI first appeared on EGR Intel.