MIXI Australia has officially opened its off-market takeover offer for all ordinary shares in PointsBet Holdings Limited at AU$1.20 per share in cash ($ 0.82), with a minimum acceptance threshold of 50.1 percent.
The offer, unanimously recommended by the PointsBet Board in the absence of a superior proposal, comes amid a competing scrip-based bid from Betr Entertainment.
Prior to the offer opening, MIXI secured pre-bid acceptance agreements covering 9.15 percent of PointsBet’s issued shares. This includes commitments from Bennelong Long Short Equity Management (2.76 percent) and Pictet Asset Management (Singapore) (6.40 percent). Together with the 8.02 percent held by PointsBet directors—who have stated their intention to accept the offer barring a superior proposal – MIXI enters the offer period with 17.18 percent of shares effectively locked in.
The offer period will remain open until 7:00 p.m. Melbourne time on August 25th, 2025, unless extended or withdrawn.
Regulatory clearance has already been obtained from gaming authorities in both Australia and Canada, including the Northern Territory Racing and Wagering Commission and Ontario regulators (AGCO and iGO), eliminating one of the more significant potential hurdles for the deal.
MIXI’s bid implies an enterprise value of AU$402 million ($276 million), with an EV/EBITDA multiple of 36.6x based on PointsBet’s FY25 guidance. The offer price represents a premium of 44.6 percent over PointsBet’s closing price on February 25th, 2025 (AU$0.83), the day before MIXI’s earlier scheme proposal was announced. It also reflects a 40.3 percent premium over the one-month VWAP of AU$0.86.
According to the scheme valuation disclosed by PointsBet in May 2025, the offer price represents a premium of AUD0.09 to AUD0.24 over the independent valuation range of AU$0.96 to AU$1.11 per share ($ 0.66 to $0.76).
Importantly, MIXI’s proposal is fully funded and does not rely on synergies, scrip conversion, or financing contingencies. The company argues this certainty is in stark contrast to the all-scrip proposal from rival bidder Betr.
PointsBet has yet to formally respond to Betr’s bidder statement filed on July 16th, 2025. However, in its earlier ASX announcement dated June 23rd, the PointsBet Board raised several concerns about the Betr offer, including:
- Lack of cash consideration for shareholders;
- Valuation heavily reliant on speculative synergies, achievable only with 100 percent control;
- Questionable assumptions around synergy value and potential revenue dis-synergies;
- Multiple conditions, including regulatory and shareholder approvals; and
- Uncertainty around a proposed share buy-back, which is separate from the takeover proposal.
As of July 17th, 2025, the PointsBet Board reaffirmed its recommendation of MIXI’s offer and advised shareholders to take no action regarding the Betr proposal.
MIXI maintains that its offer provides a superior outcome by delivering immediate and guaranteed cash value, free from execution and valuation risks tied to future integration outcomes. The bidder highlighted its strong commitment to acquiring PointsBet and said it looks forward to shareholders taking up its offer, now formally open for acceptance.
