PointsBet Declines Betr Takeover In Favor Of MIXI Proposal
Australian gaming company PointsBet has verified it is turning down a proposition from gambling operator Betr to purchase 80.1% of its shares. Instead, PointsBet will accept a deal from social networks company MIXI.
- PointsBet has actually declined a Betr takeover proposal and instead signed an agreement with MIXI Inc.
- Betr used to buy PointsBet shares at AU$ 1.20 each, but with 57% cash and 43% scrip
- MIXI used to buy each PointsBet share at AU$ 1.20 in cash
The Betr proposition planned to purchase 80.1% of PointsBet shares that the company does not already hold, matching PointsBet's assessment of AU$ 1.20 per share. However, the Betr proposal provided to pay that worth in 57% money and 43% scrip.
According to PointsBet, 43% of the share worth was directly tied to the worth of Betr shares. During its due diligence, PointsBet examined the value this would supply shareholders, which peaked at AU$ 1.14 per share but fell as low as AU$ 1.04 per share.
However, while this was PointsBet's primary assessment, the business also took a longer-term view during its due diligence. This found that Betr's expense synergies were overemphasized which integration with PointsBet's Canadian operations was most likely to prove tough.
"The due diligence investigations undertaken by PointsBet strengthen the view of the PointsBet Board that the worth of the Betr proposition is materially listed below the AU$ 1.20 in cash per PointsBet being offered by MIXI Australia," said the PointsBet release.
Long PointsBet acquisition talks come to an end
It's been several months considering that rumors of an acquisition of PointsBet first emerged. Fanatics closed its acquisitions of PointsBet's U.S. operations in April 2024, paying $225 million to claim PointsBet's licensing across the nation. Fanatics utilized this to launch Fanatics Sportsbook.
PointsBet issued a "Response to Media Speculation" in November 2024, declining a report that it went through an AU$ 300 million takeover quote.
However, in 2025, the company began evaluating several quotes. In February, the PointsBet Board leaned towards an acquisition by BlueBet, which provided around AU$ 240 million and AU$ 260 million. Other contenders consisted of MIXI and Betr.
Betr increased its offer for 80.1% of PointsBet in May to around AU$ 360 million, with the business currently holding a 19.9% stake. After PointsBet verified it was thinking about Betr's proposition in May and June, the most current news will come as a blow to Betr, with PointsBet preferring MIXI's offer.