PointsBet Rejects Betr Takeover In Favor Of MIXI Proposal
Australian betting company PointsBet has validated it is turning down a proposal from betting operator Betr to buy 80.1% of its shares. Instead, PointsBet will accept an offer from social media supplier MIXI.
- PointsBet has rejected a Betr takeover proposition and instead signed an arrangement with MIXI Inc.
- Betr offered to buy PointsBet shares at AU$ 1.20 each, however with 57% cash and 43% scrip
- MIXI offered to buy each PointsBet share at AU$ 1.20 in cash
The Betr proposal intended to purchase 80.1% of PointsBet shares that the company does not already hold, matching PointsBet's evaluation of AU$ 1.20 per share. However, the Betr proposition offered to pay that worth in 57% cash and 43% scrip.
According to PointsBet, 43% of the share value was directly tied to the value of Betr shares. During its due diligence, PointsBet the value this would offer investors, which peaked at AU$ 1.14 per share however fell as low as AU$ 1.04 per share.
However, while this was PointsBet's main assessment, the company also took a longer-term view during its due diligence. This found that Betr's expense synergies were overstated and that combination with PointsBet's Canadian operations was most likely to show hard.
"The due diligence examinations carried out by PointsBet strengthen the view of the PointsBet Board that the value of the Betr proposition is materially listed below the AU$ 1.20 in money per PointsBet being offered by MIXI Australia," stated the PointsBet release.
Long PointsBet acquisition talks concern an end
It's been several months since reports of an acquisition of PointsBet first emerged. Fanatics closed its acquisitions of PointsBet's U.S. operations in April 2024, paying $225 million to claim PointsBet's licensing infrastructure throughout the country. Fanatics utilized this to launch Fanatics Sportsbook.
PointsBet issued a "Response to Media Speculation" in November 2024, rejecting a report that it went through an AU$ 300 million takeover quote.
However, in 2025, the business began evaluating several bids. In February, the PointsBet Board leaned towards an acquisition by BlueBet, which provided around AU$ 240 million and AU$ 260 million. Other competitors included MIXI and Betr.
Betr increased its deal for 80.1% of PointsBet in May to around AU$ 360 million, with the company currently holding a 19.9% stake. After PointsBet verified it was thinking about Betr's proposal in May and June, the most current news will come as a blow to Betr, with PointsBet preferring MIXI's deal.