PointsBet has indicated that an offer received from Betr may represent a superior offer compared to the one received from MIXI.
The Melbourne-based betting operator, which is also active in Canada, appears to be leaning toward the second bid, with further due diligence to be carried out on the proposal from the fledgling Australian betting brand.
In particular, the company is exploring how a Betr takeover and transition into its structures would benefit PointsBet’s business model and its ASX shareholders.
On the table is an indicative proposal from Betr, made of 57% cash and 43% scrip, the firm’s substitute for legal tender.
“PointsBet therefore proposes that a form of mutual due diligence be undertaken by PointsBet and Betr,” said an official statement.
Despite the arrival of the latest offer, the MIXI proposal is not off the table, nor has it been dismissed. Far from it.
The board is obliged to consider any genuine, legitimate offer that could maximise shareholder value.
As it stands, PointsBet’s board continues to unanimously advocate that shareholders vote in favour of the proposed scheme arrangement with MIXI Australia Pty Ltd, the wholly-owned local subsidiary of Japanese tech and media firm MIXI, Inc.
Yesterday the PointsBet board said it has received a takeover bid from Betr that is expected to be a “superior proposal” to its board-backed acquisition bid from MIXI.
PointsBet has proposed initiating a mutual due diligence process between itself and Betr. pic.twitter.com/wFVh1WkE73
— Waterhouse VC (@WaterhouseVC) May 12, 2025
Background to the bidding war
The MIXI scheme asserts that PointsBet shareholders are due to receive a cash return of AUS$1.86 ($1.20) per share.
Both entities sparked a bidding war for PointsBet earlier this year, beginning with Betr’s AU$340m – AU$360m ($219m – $232m) proposal, followed by MIXI’s AU$353m bid.
The betting startup co-founded by influencer turned boxing professional Jake Paul then firmed up its AU$360m offer in March.
This latest development will encourage the company, knowing they are still in contention although MIXI’s bid has been approved by PointsBet’s executives, with shareholders encouraged to ratify.
If the outcome of the due diligence process leads the board to the finding that the Betr proposal is superior, it could amend its recommendation, subject to the terms of the implementation deed with MIXI and the relevant fiduciary obligations.
Watch this space.
Image credit: Pointsbet
