Betr opens takeover offer for PointsBet shareholders
The all-scrip bid follows months of competing proposals from Betr and Mixi, with the PointsBet board previously backing Mixi’s AU$1.25 cash offer.
Key points:
– Betr’s takeover offer for PointsBet is now open and set to close on 22 September
– Shareholders offered 4.219 Betr shares for each PointsBet share
– The move comes after PointsBet directors unanimously recommended Mixi’s AU$1.25 cash bid
Betr has formally opened its off-market, all-scrip takeover offer for all shares in PointsBet Holdings Limited that it does not already own.
The offer, lodged with the Australian Securities and Investments Commission (ASIC) and the Australian Securities Exchange (ASX), entitles PointsBet shareholders to receive 4.219 Betr shares for each PointsBet share held.
Based on recent trading and Betr’s AU$130m (US$84.9m) capital raise, this values PointsBet at between AU$1.25 and AU$1.35 per share. The offer is scheduled to close on 22 September 2025 unless extended or withdrawn.
The Betr board has unanimously recommended the deal, stating in its replacement bidder’s statement that the combination could deliver cost savings of up to AU$44.9m annually if it secures full ownership.
Shareholders can accept the offer online or by following instructions set out in the company’s documents.
Good to know: Betr confirmed that if it secures more than 80% of PointsBet, accepting shareholders may be eligible for scrip-for-scrip capital gains tax rollover relief
The move escalates an ongoing contest with Japanese media group Mixi, which earlier this month increased its unconditional cash offer for PointsBet to AU$1.25 per share. PointsBet directors have unanimously recommended the Mixi proposal, with each director already accepting the cash bid.
In July, the PointsBet board rejected Betr’s earlier scrip offer of 3.81 shares per PointBet share, describing the proposal as “materially inferior” to Mixi’s cash terms. Directors also raised concerns about Betr’s VIP-heavy customer base and sustainability of its revenues.
Both bidders have pursued regulatory clearances in recent weeks. Mixi secured approval from the Foreign Investment Review Board (FIRB) in early August, while Betr confirmed that the Alcohol and Gaming Commission of Ontario (AGCO) had signed off on its proposal.
The contest has seen multiple applications lodged with the Australian Takeovers Panel. On 12 August, Betr sought interim orders against Mixi, arguing the rival was exploiting delays in the panel’s process to strengthen its position with shareholders.
With both offers now live, the decision rests with PointsBet investors, who must weigh an immediate cash exit against an all-scrip option tied to Betr’s market performance.
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