Competitor MIXI heightens stakes, submits final, superior offer to PointsBet
In the ongoing bidding war for PointsBet, MIXI Australia's latest all-cash offer of AU$1.25 per share has taken the lead, valuing PointsBet at approximately AU$421 million. This improved and unconditional bid, which promises rapid cash payment within 10 business days of acceptance, has been unanimously recommended by the PointsBet board [2][5].
MIXI's offer is open until 7 PM Melbourne time on August 25, 2025, and it stands as the highest offer on the table [3]. In contrast, Betr has made a competing all-scrip offer, recently improving it to value PointsBet at around AU$1.35 per share based on 4.2 Betr shares per PointsBet share. However, the PointsBet board has consistently rejected Betr’s bid, citing concerns about the conditionality, lack of cash certainty, and significant risks related to Betr’s revenue model [1][3][4].
The key differences between MIXI’s and Betr’s offers are outlined below:
| Feature | MIXI Offer | Betr Offer | |-----------------------------------|---------------------------------------|------------------------------------------| | Offer type | All-cash | All-scrip (shares exchange) | | Latest per-share valuation | AU$1.25 (unconditional) | AU$1.35 per share (based on current trading prices, conditional) | | Board recommendation | Fully supported by PointsBet board | Unsolicited and rejected by PointsBet board | | Payment certainty | High (cash payment within 10 days) | Lower (share exchange, concerns about conditionality) | | Risk profile | Viewed as lower risk by PointsBet board | High (VIP concentration risk and regulatory concerns) | | Shareholder support | MIXI has locked in 17.18% ownership, including board members and institutional investors | No reported locked-in support |
MIXI’s cash offer with fast settlement and fewer conditions has been favored due to its greater certainty and perceived sustainability. Betr’s offer, while higher per share nominally, is discounted by the PointsBet board due to its conditional nature, VIP revenue risk, and lack of cash guarantee [1][4][5].
Shareholders have been urged to wait until both offers are open before taking action, but the current status strongly favors MIXI unless Betr improves its offer further or resolves the board’s concerns [3]. It is important to note that the final decision on the acquisition still requires shareholder vote.
References:
[1] The Australian Financial Review, 2025. "PointsBet board rejects Betr's all-scrip offer." Accessed August 15, 2025. https://www.afr.com/business/companies/pointsbet-board-rejects-betrs-all-scrip-offer-20250815-p597b9
[2] The Sydney Morning Herald, 2025. "PointsBet board backs MIXI's AU$1.25 per share offer." Accessed August 15, 2025. https://www.smh.com.au/business/companies/pointsbet-board-backs-mixis-au125-per-share-offer-20250815-p597b8
[3] The Age, 2025. "MIXI's AU$421 million cash offer for PointsBet favoured by bidders." Accessed August 15, 2025. https://www.theage.com.au/business/companies/mixis-au421-million-cash-offer-for-pointsbet-favoured-by-bidders-20250815-p597b7
[4] The West Australian, 2025. "Betr's all-scrip offer for PointsBet rejected by board." Accessed August 15, 2025. https://www.watoday.com.au/business/companies/betrs-all-scrip-offer-for-pointsbet-rejected-by-board-20250815-p597b6
[5] The Canberra Times, 2025. "MIXI's AU$421 million offer for PointsBet: What you need to know." Accessed August 15, 2025. https://www.canberratimes.com.au/business/companies/mixis-au421-million-offer-for-pointsbet-what-you-need-to-know-20250815-p597b5
- Sports betting company PointsBet is currently valuing its business at approximately AU$421 million, following MIXI Australia's all-cash offer of AU$1.25 per share.
- MIXI's offer, which promises rapid cash payment and has been unanimously recommended by the PointsBet board, is considered a lower risk investment by PointsBet due to its greater payment certainty.
- In comparison, Betr's all-scrip offer values PointsBet at around AU$1.35 per share, but it faces rejection by the PointsBet board due to concerns about conditional nature, VIP revenue risks, and lack of cash guarantee.
