On 8 August, PointsBet’s board said all shareholders should accept MIXI’s improved offer, which is now ready for quick settlement. All directors have agreed to take the deal for their own shares. The board confirmed backing for the bid unless someone brings a better proposal. The new offer gives a 44.6% premium compared to PointsBet’s final closing price before rumours about a takeover started in February.

This latest bid moves the share price up from what was offered first in July, A$1.20 per share, and removes all the last conditions. Shareholders can get paid quickly after they accept. MIXI Australia announced it will try its best to pay shareholders who accept the raised offer, within 10 business days after acceptance. In comparison to the first bid, MIXI’s upgraded offer removed the 50.1% minimum acceptances condition so there is a better chance the deal will succeed.

‘Best and Final’ Price

MIXI Australia, being a Tokyo-listed MIXI subsidiary, calls A$1.25 per share the “best and final” price, unless it gets more than 50% of PointsBet shares. If MIXI passes the 50% mark, they might raise the offer, and any shareholder who accepts will get the higher price even if they joined earlier. Right now, MIXI holds 28.2% of PointsBet already, counting acceptances using MIXI’s Institutional Acceptance Facility. The offer stays open up to mid-August unless MIXI extends it. The updated bid from MIXI is expected to win more support as PointsBet faces a different offer from Betr, with that counter-offer coming in on 17 July.

Betr’s proposal gives 3.81 Betr shares for every PointsBet share, subject to approval from shareholders and regulators. PointsBet has told shareholders not to react to Betr’s offer, while management works on a formal reply. Before this, PointsBet said the offer from Betr does not guarantee cash, depends on risky merger synergies, and has ignored possible losses in revenue from the deal. PointsBet’s management believes Betr used positive forecasts for valuation that look too hopeful. Unlike Betr’s offer, MIXI’s revised bid has no financing conditions. Parent MIXI backs it with cash already in reserve.