PointsBet update: Betr refuses to accept Mixi offer
This is despite PointsBet advising shareholders, which includes Betr, to take the deal.
Key points:
– Betr has refused to accept Mixi’s takeover offer for PointsBet
– Without Betr accepting the offer, Mixi will be unable to acquire its minimum 90% shares to offer its AU$1.30 (US$0.84) per share deal
– Betr has also extended the deadline to accept its offer to 25 September
Gambling Insider may have been slightly ambitious when we described this week’s earlier news that PointsBet had recommended Mixi’s takeover offer as “the final nail in the coffin for Betr” in this week’s issue of GI Friday.
In the latest update to this ongoing saga, and following an earlier report that Mixi has submitted a new ‘final’ offer at AU$1.30 (US$0.84) per share – provided it acquires a minimum of 90% of Betr shares – Betr has announced that it will not accept this deal, despite PointsBet encouraging it.
Betr, which currently owns just shy of 20% of PointsBet stocks, will not accept the offer, meaning Mixi will be unable to acquire its 90% share minimum and thus will be unable to deliver on its AU$1.30 price point.
Betr reasoned: “Betr firmly believes that the value implied by the Offer Consideration under betr’s Offer, combined with the potential to unlock material value by way of up to $44.9m of Expected Cost Synergies (subject to Successful Offer Completion, ie, reaching 100% ownership), represents superior value to PointsBet Shareholders when compared to Mixi’s offer.”
Moreover, Betr has extended its deadline for shareholders to accept its deal to 7pm (Sydney time), 25 September 2025.
All this is to say, with Mixi unable to convince Betr to budge, the chance of its offer going through is slim.
However, Mixi also already owns stocks in PointsBet, 37.1% to be precise, making Mixi a formidable opponent if Betr wants to acquire the business.
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