PointsBet Turns Down Betr Takeover In Favor Of MIXI Proposal
Australian gaming business PointsBet has actually it is declining a proposition from gambling operator Betr to purchase 80.1% of its shares. Instead, PointsBet will accept a deal from social media company MIXI.
- PointsBet has actually turned down a Betr takeover proposal and instead signed an agreement with MIXI Inc.
- Betr offered to purchase PointsBet shares at AU$ 1.20 each, however with 57% money and 43% scrip
- MIXI offered to purchase each PointsBet share at AU$ 1.20 in money
The Betr proposal planned to buy 80.1% of PointsBet shares that the business does not already hold, matching PointsBet's evaluation of AU$ 1.20 per share. However, the Betr proposition provided to pay that value in 57% money and 43% scrip.
According to PointsBet, 43% of the share worth was directly tied to the value of Betr shares. During its due diligence, PointsBet examined the value this would provide investors, which peaked at AU$ 1.14 per share but fell as low as AU$ 1.04 per share.
However, while this was PointsBet's main assessment, the business also took a longer-term view during its due diligence. This found that Betr's expense synergies were overstated and that integration with PointsBet's Canadian operations was likely to prove challenging.
"The due diligence examinations undertaken by PointsBet strengthen the view of the PointsBet Board that the value of the Betr proposal is materially below the AU$ 1.20 in money per PointsBet being used by MIXI Australia," stated the PointsBet release.
Long PointsBet acquisition talks pertain to an end
It's been numerous months since reports of an acquisition of PointsBet first emerged. Fanatics closed its acquisitions of PointsBet's U.S. operations in April 2024, paying $225 million to declare PointsBet's licensing infrastructure throughout the nation. Fanatics used this to release Fanatics Sportsbook.
PointsBet issued a "Response to Media Speculation" in November 2024, declining a report that it went through an AU$ 300 million takeover quote.
However, in 2025, the business started assessing a number of bids. In February, the PointsBet Board leaned towards an acquisition by BlueBet, which used around AU$ 240 million and AU$ 260 million. Other contenders included MIXI and Betr.
Betr increased its deal for 80.1% of PointsBet in May to around AU$ 360 million, with the company currently holding a 19.9% stake. After PointsBet validated it was thinking about Betr's proposal in May and June, the most recent news will come as a blow to Betr, with PointsBet favoring MIXI's deal.