PointsBet’s takeover battle has intensified after the Australian Government’s Takeovers Panel dismissed a complaint by Betr about MIXI Australia strengthening its position. On August 18th, Betr launched its unsolicited takeover bid, offering 4.219 shares for each PointsBet share. This values the company at between A$1.25 and A$1.35 depending on their trading price. 

Betr declared a rival A$1.25-per-share cash bid due to claims of MIXI Australia’s unfair advantage. They argued that MIXI’s status gave them a head start with processing shareholder acceptances, while their offer remains unaccepted. However, the panel didn’t find any issues with the move and declined to restrain MIXI from processing acceptances. The decision dealt an early blow to Betr’s campaign to sway shareholders.

PointsBet Cautions on Betr Offer

In a statement on 19 August, PointsBet noted that Betr had been required to revise its disclosure documents. The Replacement Bidder’s Statement clarifies the risks associated with the scrip offer, especially its proposed selective buy-back. PointsBet stressed that shareholders should not rely on the SBB when considering the offer after Betr cancelled its meeting on the proposal last week. 

The company must provide fresh documents, including a new independent expert’s report, before pursuing the strategy again. Despite welcoming the improved disclosure, PointsBet restated that shareholders should not act on Betr’s bid. Meanwhile, MIXI Australia’s A$1.25-per-share cash offer has been unanimously endorsed by the PointsBet board in the absence of a superior proposal. Each director has also accepted the offer personally. MIXI’s stake in PointsBet has steadily grown, with its most recent disclosure showing a 36.71% holding. 

Competing Visions for PointsBet

The contest reflects two clearly different visions for PointsBet’s future. MIXI offers a clear cash exit for shareholders, while Betr promotes a longer-term strategy built on scale, synergies, and the creation of a local wagering company. The latter proposes delivering nearly A$45 million in annual cost savings and improving shareholder returns through institutional appeal and potential index inclusion. 

However, PointsBet’s board has emphasized the certainty of MIXI’s cash bid over the risks of Betr’s elaborate plans. This ongoing battle shows the level of competition in Australia’s wagering industry, as the global and domestic players scale and secure market share.