Australia: PointsBet shareholders urged to consider Mixi offer ahead of deadline
PointsBet provides update on the competing offers for the company’s shares.
Key points:
– Shareholders have been asked to consider the Mixi Australia cash offer, which has been extended until 12 September 2025.
– This update follows the receipt of the competing offers and the independent expert’s supplementary report on the terms of the Betr offer
PointsBet has provided an update regarding the offers currently made for its shares. Mixi Australia had increased its voting power in PointsBet to 51.9%, giving it a controlling interest in the company. The cash offer from Mixi had been extended until 19:00 Melbourne time on Friday, 12 September 2025, maintaining a price of AU$1.25 (US$0.83) per share.
Now, Betr has made a conditional scrip-based offer, proposing 4.375 Betr shares for each PointsBet share. The offer also includes a potential selective buy-back. The independent expert’s supplementary report concluded that while the selective buy-back is not considered fair to Betr shareholders, it is reasonable.
Good to know: For context, Betr had launched an all-scrip takeover offer for PointsBet shareholders, following months of competing proposals from Betr and Mixi, with the PointsBet board previously backing Mixi’s AU$1.25 cash bid
The PointsBet Board remains focused on ensuring shareholders are informed about the competing offers.
The board notes that Mixi’s controlling interest provides certainty in terms of governance and decision-making. Shareholders are encouraged to review all relevant documents and expert advice before making decisions.
PointsBet shareholders are being urged to consider the terms of both offers carefully, taking into account the financial and strategic implications of each proposal.
The board has emphasised that no action on the Betr offer is required to accept the Mixi cash offer. Shareholders are reminded to submit their decisions before the stated deadline.
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