Betr's enhanced disclosure is evaluated by PointsBet
In a heated competition, Betr Entertainment has made an all-scrip takeover offer for sports betting operator PointsBet, a company with a presence in Australia and Canada. However, MIXI Australia, the Australian arm of the Japanese tech giant MIXI, has also expressed interest, leading to a contested bid situation.
Betr's offer, which has no minimum acceptance condition, is considered materially lower in value than MIXI's all-cash bid, which was recently increased to AU$1.30 per share and declared final by MIXI. Despite this, Betr continues to oppose MIXI's takeover attempt, leveraging its significant PointsBet shareholding to block MIXI's acquisition plans.
MIXI's offer values PointsBet's shares at AUD 1.25 apiece. On the other hand, Betr is offering 4.2 of its own shares for each PointsBet share in its latest offer, implying a potential value of up to AUD 1.35 per PointsBet share.
The fate of the deal now rests with PointsBet and its shareholders, who have been advised by the company to take no action regarding Betr's all-scrip offer.
Betr has been making efforts to improve transparency by publishing replacement bidder’s statements, takeover offer documents, and updates on associated meetings and selective buy-backs throughout August 2025. This increased disclosure has been welcomed by PointsBet.
PointsBet has accused Betr of overestimating the potential synergies between the two companies. Betr, however, emphasizes the value-generating synergies between the two as a key aspect of its all-scrip offer.
Certain overlaps, according to PointsBet, will undermine the synergy projections between Betr and PointsBet. Despite these concerns, PointsBet has mostly stuck with MIXI's all-cash proposal for the acquisition.
Both Betr and MIXI have secured key regulatory approvals in Australia and Canada. The current status is that Betr Entertainment continues to pursue a takeover of PointsBet, but MIXI Australia’s competing proposal remains a significant obstacle.
[1]: Source 1 [2]: Source 2 [3]: Source 3 [4]: Source 4 [5]: Source 5
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