Australian online betting firm PointsBet’s board has unanimously recommended Japanese tech conglomerate MIXI’s revised AU$1.20 per share takeover offer in absence of a superior proposal. The all-cash offer, lodged by MIXI’s local subsidiary MIXI Australia, values PointsBet at AU$460 million ($304.1 million) and 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.
Bidding battle to acquire PointsBet
MIXI is not the only one in line to acquire PointsBet, rival Betr Entertainment also filed its own all-scrip bid. However, PointsBet board unanimously rejected the unsolicited Betr scrip offer, according to a f. The Betr offer valued 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.
Meanwhile, MIXI’s offer is open till 7:00 pm Melbourne time on 25 August, unless the company extends or withdraws it. The deal implies an enterprise value at A$402 million, based on the company’s financial year 2025 guidance. The bid requires a minimum acceptance of 50.1 percent. According to another filing lodged with the ASX, PointsBet said it had lodged its official Target’s Statement with the corporate regulator and had begun dispatching it to shareholders. MIXI currently has 17.18 percent of PointsBet shares effectively locked in.
The earlier takeover bid by MIXI, 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. Additionally, directors controlling 8 percent of the company’s shares had confirmed they intend to accept the offer within 10 business days of receiving the formal bid.
Regulatory approvals favour MIXI’s bid
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.
Unlike Betr’s offer, MIXI’s takeover bid is fully funded. The deal carried no financing conditions or reliance on synergies. This, according to the Japanese firm, provides maximum deal certainty for PointsBet shareholders. The takeover offer by MIXI comes as the firm has been expanding its portfolio through strategic investments abroad. The PointsBet takeover bid marks MIXI’s most ambitious push till now into the Australian betting sector.
