Mixi rejects Betr’s revised PointsBet offer again, but increases its own stake
Mixi Australia reinforcing its position as the largest shareholder with a 42.56% stake in PointsBet.
Key points:
– Mixi has received acceptances for 42.56% of PointsBet shares
– Mixi reiterates rejection of Betr’s updated bid
– Offer of AU$1.25 (US$0.81) per share closes 29 August 2025
Mixi has once again rejected Betr’s offer to acquire PointsBet, despite improved terms, while also increasing its own stake in PointsBet to 42.56%.
In its latest statement, Mixi Australia has underscored a lack of certainty in Betr’s proposal, particularly in achieving controlling interest.
Without Mixi’s support, Betr is unlikely to reach the 50% threshold required to unlock potential synergies. Mixi further warned that Betr shareholders should not expect meaningful integration benefits if control is not secured.
Mixi also questioned the relevance of Betr’s capital raising price of AU$0.32 per share, noting that the valuation was based on outdated expectations of a 100% acquisition. Betr’s current shareholding stands at 18.99%, compared with Mixi’s 42.56% as of 27 August 2025.
Good to know: Mixi’s cash offer represents a 50.6% premium over PointsBet’s 25 February 2025 share price of AU$0.83, with payment promised within 10 business days of acceptance
Concerns were also raised over the funding of Betr’s proposed AU$10m increase to its selective buy-back pool, which involves a 13% interest loan from an entity tied to its Chairman. Mixi suggested this financing could place additional pressure on Betr’s balance sheet.
Mixi confirmed its cash offer remains open until 7:00pm Melbourne time on 29 August 2025. The company stated this would be the final opportunity for PointsBet shareholders to accept, with no assurance of further acquisitions beyond this period.
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