PointsBet Turns Down Betr Takeover In Favor Of MIXI Proposal
Australian gaming business PointsBet has confirmed it is rejecting a proposition from betting operator Betr to purchase 80.1% of its shares. Instead, PointsBet will accept an offer from social media provider MIXI.
- PointsBet has rejected a Betr takeover proposition and rather signed an agreement with MIXI Inc.
- Betr offered to buy PointsBet shares at AU$ 1.20 each, but with 57% cash and 43% scrip
- MIXI provided to buy each PointsBet share at AU$ 1.20 in money
The Betr proposition intended to purchase 80.1% of PointsBet shares that the company does not currently hold, matching PointsBet's assessment of AU$ 1.20 per share. However, the Betr proposal used to pay that worth in 57% money and 43% scrip.
According to PointsBet, 43% of the share value was straight connected to the worth of Betr shares. During its due diligence, PointsBet examined the value this would provide 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 throughout its due diligence. This discovered that Betr's expense synergies were overemphasized which combination with PointsBet's Canadian operations was likely to prove hard.
"The due diligence examinations undertaken by PointsBet strengthen the view of the PointsBet Board that the worth of the Betr proposal is materially below the AU$ 1.20 in money per PointsBet being provided by MIXI Australia," said the PointsBet release.
Long PointsBet acquisition talks concern an end
It's been numerous months since reports of an acquisition of PointsBet first surfaced. Fanatics closed its acquisitions of PointsBet's U.S. operations in April 2024, paying $225 million to declare PointsBet's licensing facilities throughout the country. Fanatics utilized this to release Fanatics Sportsbook.
PointsBet issued a "Response to Media Speculation" in November 2024, a report that it went through an AU$ 300 million takeover bid.
However, in 2025, the business began examining a number of quotes. In February, the PointsBet Board leaned towards an acquisition by BlueBet, which provided around AU$ 240 million and AU$ 260 million. Other contenders consisted of MIXI and Betr.
Betr increased its offer for 80.1% of PointsBet in May to around AU$ 360 million, with the business already holding a 19.9% stake. After PointsBet validated it was thinking about Betr's proposal in May and June, the most recent news will come as a blow to Betr, with PointsBet favoring MIXI's offer.