A fierce bidding war is going on between MIXI, a Japanese entertainment company, and Betr, an Australian gambling major, which are both vying to acquire PointsBet, yet another sports betting company operating in Down Under.
MIXI returns to the bidding table with its final and superior bid
Over the past months, PointsBet has repeatedly backed MIXI’s offer, finding it superior to what Betr brought to the table, with the latter upping its proposition with another all-shares buyout offer just recently.
Yet, MIXI is back again, now placing a "final" bid, which is worth AU$421m and is the highest offer on the table. The new bid is a comparatively slight improvement on the company’s previous offer, bringing the per share value to AU$1.25 from previously AU$1.20.
MIXI is also dropping a previous requirement to acquire the company with a "50.1% minimum acceptance condition," which means that the company may not be seeking to fully take over the company in terms of executive decisions to follow.
The PointsBet Board of Directors has repeatedly shown itself in favor of MIXI’s offer, with the latest bid no exception, but still, shareholders need to weigh in.
The offer will be available until 7 pm on August 25, 2025, with MIXI Australia prepared to pay shareholders within 10 days of shareholders accepting the bid and bringing them immediate value on their decision.
"MIXI Australia’s increased offer is now unconditional, and we encourage all PointsBet shareholders to accept our increased offer with the certainty of knowing that they will be paid expeditiously," a statement by MIXI read.
In the meantime, Betr is offering to trade shares and exchange 3.81 Betr shares for one PointsBet share, which brings the value to about AU$1.22 per share, which is slightly higher than MIXI’s current offer. Yet, if MIXI Australia is indeed determined not to raise any further offers, this could finally allow Betr to top its own offer.
MIXI maintains that PointsBet ought to accept its offer
However, besides the purely financial side of things, PointsBet’s Board of Directors warned that they were unsure about Betr’s business model, which is said to have relied on a fairly small number of players to generate a substantial part of its revenue.
MIXI also maintains that its offer remains superior in light of these facts and others: "MIXI Australia considers that the increased offer is superior to Betr’s all-scrip offer of 4.219 Betr shares for every one PointsBet share, and notes that the PointsBet board continues to unanimously recommend MIXI Australia’s offer in the absence of a superior proposal."
