PointsBet shares climb on MIXI’s improved $402m takeover offer
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The news: Shares in sports betting company PointsBet are rising after Japan-based rival MIXI increased the price of its takeover proposal by more than 13%.
The numbers: PointsBet shares were up 10.1% to $1.20 at 10:56am AEST. Trading had been halted ahead of the improved offer announcement.
Last night, PointsBet informed the exchange that MIXI had increased its cash consideration from $1.06 to $1.20 per share. This values the company at $402 million — a 13.2% increase on its initial February proposal.
The improved offer represents an implied EBITDA multiple of 28.7 to 36.3, based on PointsBet’s FY25 guidance range. The revised deal is not subject to financing.
The context: PointsBet is also weighing a takeover bid from ASX-listed Betr that was made in mid-May.
In February, PointsBet rejected a rival offer from ASX-listed BlueBet, which rebranded as Betr following a merger. BlueBet later acquired a 19.9% stake in the company in late April.
If the MIXI deal is not approved by PointsBet shareholders at the next scheme meeting, scheduled for 25 June, MIXI has indicated it may consider launching an off-market takeover bid. This would be subject to a 50.1% minimum acceptance condition, with a potential offer price of $1.20 per share.
The sources: ASX, MIXI media release
