Betr’s Takeover of PointsBet Gains Momentum with Regulatory and Shareholder Support

Betr Continues Pursuit of PointsBet Amid Competition

Betr Entertainment remains determined to acquire PointsBet despite the Australian company’s apparent preference for a competing bid from MIXI. The two companies have been vying for control of PointsBet for several months, each escalating their offers in an intense takeover battle.

Canadian Regulators Approve Betr’s Acquisition Bid

Betr Entertainment’s latest takeover proposal has successfully cleared all required regulatory approvals in Canada. Since PointsBet operates across Australia and Canada, any potential acquisition involves meeting stringent regulatory standards in both regions.

Both Betr Entertainment and MIXI Australia have secured approvals from the Alcohol and Gaming Commission of Ontario and iGaming Ontario. These clearances have removed key hurdles, bringing both bidders closer to finalizing an acquisition and intensifying their rivalry.

Strong Shareholder Backing for Betr’s Selective Buy-Back Plan

Investors in Betr have shown significant support for a crucial aspect of the takeover proposal. Over 75% of Betr shareholders have given preliminary approval to a selective buy-back resolution, an important condition of Betr’s all-stock off-market offer to acquire PointsBet.

This agreement would allow existing PointsBet shareholders to sell some of their newly acquired Betr shares if the deal is completed. A formal shareholder vote is scheduled for August 25, but early indications suggest the buy-back plan will advance if PointsBet accepts Betr’s offer.

Betr Maintains Its Offer Provides Greater Value Than MIXI’s Cash Deal

Unlike MIXI Australia’s all-cash bid, Betr has reaffirmed its all-stock offer, now proposing to exchange 4.22 Betr shares for each PointsBet share. Betr argues this arrangement leverages synergies between the companies that could generate tens of millions in additional value for shareholders.

Despite these claims, PointsBet’s management remains skeptical, questioning the realism of Betr’s synergy estimates and favoring the certainty of MIXI’s cash proposal. Betr disputes these criticisms and continues to assert that its offer is the superior option for PointsBet’s future.

The takeover contest has attracted regulatory scrutiny, with the Australian Takeovers Panel recently stepping in to pause Betr’s latest proposal amid concerns related to disclosure practices in the bidding process.