‘Strong likelihood’ MIXI will gain effective control of PointsBet
Make us a preferred source
Make us a preferred source on Google
The news: PointsBet has said that there is a “strong likelihood” that MIXI will gain “effective, if not actual” control of the company after its takeover offer closes on Friday. PointsBet added that it is preparing to offer Japanese entertainment MIXI representation on its board.
The numbers: In an update on the MIXI takeover offer filed on Thursday evening, PointsBet said that MIXI has reached a relevant interest in 46.72% of PointsBet shares, and that it continues to unanimously recommend that shareholders accept the MIXI takeover offer in the absence of a superior proposal.
Earlier this week, rival bidder Betr Entertainment increased its offer for each PointsBet share it does not already own to 4.375 Betr shares, up from 4.219. The company, Betr, which has a relevant interest in 19.6% of PointsBet shares, also raised the value of their proposed selective buy-back from $80 million to at least $90 million, which is subject to Betr shareholder approval and would take place after the close of Betr’s takeover offer. Betr says it would pay 32 cents per share.
The context: Despite MIXI’s offer coming in lower than Betr’s, at either $1.25 per share or $1.30 per share if its proposal receives 90% support, PointsBet has maintained concerns about a deal with Betr.
PointsBet said on Thursday: “Given the current status of the MIXI takeover offer and the unsolicited Betr scrip offer, there is a strong likelihood that MIXI Australia will have effective, if not actual, control of PointsBet at the conclusion of the MIXI takeover offer. Betr will, therefore, be a minority shareholder in PointsBet.”
“At the conclusion of the MIXI takeover offer, and given that PointsBet and MIXI Australia are not competitors in Australia or Canada, PointsBet intends to offer MIXI Australia representation on the PointsBet board commensurate with MIXI Australia’s shareholding in PointsBet,” PointsBet added.
Earlier on Thursday MIXI reiterated that it would not support Betr’s proposal, stating: “Given MIXI Australia will not accept Betr’s offer and has a relevant interest in 46.72% of PointsBet shares, there is no guarantee that Betr will achieve a holding of 50% or more of PointsBet, in which case it’s likely that there will be no synergies available at all for Betr.”
The MIXI offer is open for acceptance until 7pm on 29 August 2025 and will not be extended.
The sources: PointsBet ASX update, Capital Brief
