Betr Pursues PointsBet with Renewed All‑Share Takeover Proposal

Betr Entertainment is back in the race to acquire PointsBet, unveiling a revised all-scrip proposal it claims offers compelling value to shareholders. The new bid proposes an exchange of 3.81 Betr shares for every PointsBet share, valuing each PointsBet share at AU$1.22, based on a $0.32 per Betr share price.

A New Twist in the Takeover Battle

This renewed push follows PointsBet’s rejection of an earlier AU$360 million proposal from Betr. Instead, PointsBet’s board has thrown its support behind a competing AU$402 million offer from Japanese gaming company MIXI.

MIXI’s latest bid values PointsBet shares at $1.20 each, up from its initial $1.06 per share offer in February — an offer already backed by the PointsBet board.

How Betr Plans to Fund the Bid

To reinforce its proposal, Betr has completed an oversubscribed $130 million capital raise. The company plans to facilitate a selective share buy-back for PointsBet shareholders who accept the offer. This would enable them to opt for a cash payout of $1.22 per share.

• The buy-back is initially capped at $80 million

• It may increase to $200 million, but only if Betr secures 90% or more of PointsBet shares

Betr emphasized that no minimum acceptance condition applies to its proposal. The bid would only require approval from Betr shareholders and the Australian Competition and Consumer Commission (ACCC).

Betr Highlights Strategic Value

In its official proposal, Betr said the deal offers “significant value enhancement” and projected more than $40 million in synergies if the acquisition goes through in full.

“This is a compelling opportunity to consolidate in the Australian wagering sector,” said Betr Chairman Matt Tripp.

“We’re providing PointsBet shareholders with flexibility — either immediate liquidity through a cash offer or the chance to benefit from the long-term upside of a combined business.”

“We’re offering real value, execution certainty, and experienced leadership to deliver results,” Tripp added.

PointsBet Responds: MIXI Still Superior

PointsBet issued a short response, calling Betr’s offer “materially” below MIXI’s $1.20 per share cash offer. According to PointsBet, based on Betr’s 19 June share price, the bid equates to just $1.086 per share.

No further comment was made by PointsBet.

MIXI Offer Details and Status

PointsBet has already entered into a bid implementation deed with MIXI, laying out the terms of the takeover. The MIXI offer includes:

• A minimum 50.1% shareholder acceptance condition

• Regulatory approval in Ontario, Canada — PointsBet’s final global market after selling its US operations to Fanatics in April 2024

• Approval from Australia’s Foreign Investment Review Board, which has already been granted

PointsBet shareholders were previously scheduled to vote on MIXI’s proposal on 25 June.