PointsBet Turns Down Betr Takeover In Favor Of MIXI Proposal
Australian gambling business PointsBet has verified it is declining a proposition from betting operator Betr to buy 80.1% of its shares. Instead, PointsBet will accept a deal from social networks company MIXI.
- PointsBet has actually declined a Betr takeover proposition and instead signed an arrangement with MIXI Inc.
- Betr provided to buy PointsBet shares at AU$ 1.20 each, but with 57% cash and 43% scrip
- MIXI provided to buy each PointsBet share at AU$ 1.20 in cash
The Betr proposition planned to buy 80.1% of PointsBet shares that the company does not currently hold, matching PointsBet's valuation of AU$ 1.20 per share. However, the Betr proposal provided to pay that value in 57% cash 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 assessed the value this would offer 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 evaluation, the business also took a longer-term view during its due diligence. This found that Betr's cost synergies were overemphasized and that combination with PointsBet's Canadian operations was most likely to prove challenging.
"The due diligence examinations undertaken by PointsBet reinforce the view of the PointsBet Board that the value of the Betr proposition is materially below the AU$ 1.20 in money per PointsBet being offered by MIXI Australia," stated the PointsBet release.
Long PointsBet acquisition talks come to an end
It's been a number of months since reports of an acquisition of PointsBet first surfaced. Fanatics closed its acquisitions of PointsBet's U.S. operations in April 2024, paying $225 million to declare PointsBet's licensing facilities across the country. Fanatics used this to release Fanatics Sportsbook.
PointsBet issued a "Response to Media Speculation" in November 2024, a report that it underwent an AU$ 300 million takeover bid.
However, in 2025, the business started examining a number of quotes. In February, the PointsBet Board leaned towards an acquisition by BlueBet, which offered around AU$ 240 million and AU$ 260 million. Other competitors 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 confirmed it was thinking about Betr's proposition in May and June, the most recent news will come as a blow to Betr, with PointsBet favoring MIXI's deal.