MIXI Australia’s bid for PointsBet appears to be nearing its conclusion after the company lifted its stake in the operator to 51%.
The move gives MIXI majority ownership, with PointsBet now operating as a controlled entity and subsidiary of the group.
The company confirmed last week that its shareholding had risen to 51.59% by Friday evening, effectively securing control. This development rules out Betr Entertainment, which had also been vying for control, from gaining a majority interest. The takeover battle, ongoing since February, now looks close to being resolved.
MIXI stated in a letter on Monday that its offer would remain open until 12 September, with shareholders who accept before then set to receive payment under the agreed terms. In the same letter, the company directly addressed Betr’s competing proposal, dismissing any chance of cooperation between the two bidders.
MIXI mentioned:
MIXI Australia notes that Betr believes there is scope for ‘potential synergy realisation’ through collaboration with a MIXI-controlled PointsBet.
We do not intend to engage in any such collaboration with Betr.
The PointsBet board has consistently supported MIXI throughout the takeover battle, despite Betr attempting to sweeten its offers with higher valuations and promised synergies. In August, PointsBet once again urged shareholders to approve MIXI’s proposal, which priced the operator at $1.25 per share in cash, rising to $1.30 if MIXI were to secure more than 90% ownership. With Betr holding 19.9% of PointsBet and refusing to accept the deal, that higher threshold now looks unattainable.
Over the past year, Betr submitted multiple bids, each with an increased valuation. Its latest all-share offer valued PointsBet at $1.40 per share. Nevertheless, the board continued to endorse MIXI’s proposal and, on 22 August, advised shareholders to reject Betr’s approach.
Betr’s Executive Chairman, Matthew Tripp, has remained confident in the company’s ability to eventually take full control, calling its offer “superior” during the FY25 earnings call on 28 August. However, Betr has yet to issue a statement following the news that MIXI has surpassed the 50% ownership mark.
