PointsBet has officially received a new off-market takeover bid from MIXI Australia Pty Ltd, a subsidiary of Japan’s MIXI, Inc., outlining a recommended all-cash offer to acquire 100 percent of the Australian bookmaker.
The bidder’s statement, lodged with the Australian Securities and Investments Commission (ASIC) and provided to the ASX, proposes a cash offer of AU$1.20 ($0.78) per share—a 44.6 premium to PointsBet’s closing price of AU$0.83 ($0.54) on 25th February 2025, the day before the takeover proposal was first announced.
MIXI Australia already holds a 9.15 percent stake in PointsBet through pre-bid agreements with major shareholders.
PointsBet is a corporate bookmaker operating in Australia and Canada, offering sports betting and iGaming services via a scalable, cloud-based wagering platform.
An initial AU$402 million ($259.8 million) MIXI takeover proposal fell over after it failed to get the requisite support at a PointsBet shareholder vote in June.
Under a bid implementation deed entered into before the vote, MIXI committed to an off-market takeover offer if the initial deal did not receive enough shareholder support.
The PointsBet board has unanimously recommended shareholders to accept the new offer in the absence of a superior proposal. Directors who control approximately 8 percent of the company’s shares have also confirmed their intention to accept the offer within 10 business days of receiving the formal bid.
MIXI’s President Koki Kimura says in a message to PointsBet that the offer provides shareholders with full cash consideration, giving them the certainty of value and eliminating their exposure to the ongoing operational and regulatory risks facing PointsBet, particularly in the Canadian market where profitability has yet to be achieved, and in Australia, where tax and fee increases may impact future returns.
The proposal is subject to a limited set of conditions, including a minimum acceptance level of 50.1 percent, approval from the Foreign Investment Review Board, and the absence of material adverse changes.
Importantly, the offer is not subject to any financing conditions, and PointsBet shareholders will not be required to pay stamp duty or brokerage fees to accept it.
“Our offer is fully funded and unanimously recommended by the PointsBet board”, Kimura said in an open letter to shareholders. “We believe it delivers compelling value and immediate liquidity.”
The announcement comes a day after rival bidder betr Entertainment lodged its own bidder’s statement for an all-scrip offer, which the PointsBet board has previously criticized for lacking cash certainty and being highly conditional.
The board has expressed concerns about the betr proposal, highlighting that its value is dependent on future synergies which may not be realized unless betr acquires full ownership of PointsBet.
It has also questioned the reliability of those projected synergies and noted that the proposed share buy-back component of betr’s offer remains uncertain.
In contrast, the MIXI offer has been positioned as a more straightforward and reliable alternative. The board has underlined its cash component, limited conditionality, and MIXI’s readiness to proceed.
