Betr Seeks Intervention to Halt MIXI’s Acquisition of PointsBet

Betr has resumed its efforts to prevent MIXI’s acquisition of PointsBet, as both companies continue to compete aggressively over the sports betting firm that operates in Australia and Canada. Each player is using distinct strategies to secure the deal.

Betr Aims to Outbid MIXI

For several months, Betr Entertainment and MIXI Australia have been vying for control over PointsBet, steadily increasing their offers in a high-stakes battle. Betr has pursued an approach centered on all-stock offers combined with promises of substantial synergy benefits. Although Betr’s proposal values each share higher, it includes several contingencies and conditions. Holding a significant 19.9% stake in PointsBet, Betr previously used its ownership to block an earlier takeover attempt by MIXI.

On the other hand, MIXI has chosen an all-cash offer strategy, eliminating conditions to strengthen its proposal. The Japanese technology giant’s Australian division also holds a 28.27% stake in PointsBet, enhancing its influence in the negotiations.

MIXI Accused of Capitalizing on Timing Advantage

PointsBet has evaluated Betr’s earlier bid but criticized it for overly optimistic synergy estimates and the conditional nature of the offer. The company’s board has therefore recommended shareholders accept MIXI’s improved all-cash bid, which stands at AUD 1.25 per share—representing an impressive 44.6% premium over PointsBet’s share price before takeover rumors emerged.

In response, Betr lodged a formal complaint with the Australian Government’s Takeovers Panel, seeking to delay the approval of MIXI’s latest proposal just as its own offer had been held up. Betr alleges that MIXI is exploiting the ongoing procedural delays affecting its bid to secure an unfair advantage.

“MIXI is attempting to take advantage of the procedural delays created by the Takeovers Panel to strengthen and possibly finalize its control over PointsBet before Betr’s offer is fully presented to shareholders for consideration.”

– Betr statement

Betr is requesting that the panel restrain MIXI’s offer until its own proposal is officially released, emphasizing that shareholders should have adequate time to examine both bids carefully and make well-informed choices.

At the time of writing, the Takeovers Panel has not yet issued a decision regarding Betr’s application.