MIXI Australia Pty Ltd, a subsidiary of Japanese tech conglomerate MIXI, Inc., has launched a revised and improved takeover bid for PointsBet Holdings Limited. This comes amid ongoing bidding war with rival suitor betr Entertainment, who has also recently tendered a superior all-scrip takeover offer for PointsBet.
The revised offer, officially lodged with the Australian Securities and Investments Commission (ASIC) and disclosed to the Australian Securities Exchange (ASX), proposes AU$1.20 per share in an all-cash transaction. This represents a 44.6 percent premium on PointsBet’s closing share price of AU$0.83 as of 25 February 2025, the day before the original proposal was made public.
MIXI makes strategic move after shareholder rejection
The earlier takeover bid, valued at over AU$400 million, was rejected by shareholders during a June 2025 vote. However, MIXI had anticipated this possibility. A bid implementation deed signed prior to the vote allowed MIXI to proceed with an off-market takeover if the shareholder route failed. The PointsBet board has unanimously recommended shareholders accept the revised offer by MIXI in the absence of a superior proposal.Additionally, directors controlling 8 percent of the company’s shares have confirmed they intend to accept the offer within 10 business days of receiving the formal bid.
Cash certainty over conditional bids
In an open letter, MIXI President Koki Kimura emphasised that the deal provides full cash consideration, offering certainty of value while shielding investors from ongoing risks—especially those related to the Canadian market’s profitability struggles and rising tax pressures in Australia. “Our offer is fully funded and unanimously recommended by the PointsBet board. We believe it delivers compelling value and immediate liquidity,” Kimura wrote.
The takeover is subject to standard conditions. These include a minimum 50.1 percent shareholder acceptance, Foreign Investment Review Board (FIRB) approval, and the absence of material adverse changes. Importantly, it is not subject to financing conditions, and shareholders will not pay any stamp duty or brokerage fees.
Notably, MIXI’s proposal has already secured regulatory approval from both the Alcohol and Gaming Commission of Ontario and the Northern Territory Racing and Wagering Commission. These clearances allow the company to proceed without requiring repeat permissions—a notable advantage in a time-sensitive acquisition.
Bidding war intensifies
Only a day earlier, rival betr Entertainment filed its own all-scrip bid. The deal values PointsBet at up to AU$1.89 per share when factoring in projected cost synergies. But the PointsBet board has been quick to dismiss betr’s offer as less attractive, citing concerns around its conditionality and lack of cash certainty. PointsBet’s board has expressed concerns about the betr proposal, as it hinges on synergies that can only be realised if they gain 100 percent ownership, raising concerns among shareholders. The board has also cast doubt on the reliability of future performance metrics and noted that the buy-back component remains ambiguous. By contrast, MIXI’s offer eliminates guesswork. With fewer conditions, no hidden clauses, the deal provides immediate liquidity.
