PointsBet directors have unanimously recommended that company shareholders accept the ‘best and final’ MIXI Australia takeover offer, while rival bidder Betr Entertainment has launched a fresh regulatory challenge.
MIXI confirmed it is willing to shell out AU$1.25 (US$0.82) per share to acquire PointsBet.
The ‘unconditional’ offer was made after approval was granted by the Foreign Investment Review Board (FIRB) of Australia to close in on the deal.
Although ‘best and final’ has been used in terms of the proposal, MIXI has stated it retains the right to increase the offer further if it can obtain more than 50% of the overall shareholding.
This could become possible as all shareholders who approved the initial deal to receive an uplift to their price.
As it stands, Mixi is a significant minority shareholder with control of 28.2% of PointsBet.
An official communication provided all the latest details on the MIXI takeover offer.
MIXI PointsBet takeover faces new regulatory challenge from betr
https://t.co/Ctv56VngL4#betr $PBH #MIXI
— NEXT.io (@nextdotio) August 11, 2025
Betr alleges MIXI used timing advantage to engineer uneven playing field
The proposed takeover of the Australian betting platform has been an ongoing saga, with the latest update representing the 33rd update to PointsBet’s investor relations page over the last four months.
MIXI appears to have finally secured the upper hand on rival bidder, Betr Entertainment, but the latter still holds hope that it can get a deal over the line.
Betr had increased its offer to AU$1.35 per share, on all all-scrip basis, but this was rejected by the PointsBet board.
Now, Betr has taken its case to the Takeovers Panel, alleging MIXI was using a timing advantage to secure the acquisition before its offer could be considered.
Betr is claiming that an uneven playing field has been engineered, putting PointsBet shareholders at a disadvantage.
In the application to the Takeovers Panel, Betr has presented the case that: “MIXI is seeking to exploit the procedural consequences of ongoing Takeovers Panel proceedings (being a delay in the despatch of Betr’s replacement bidder’s statement and the opening of the Betr Offer) to enhance and potentially secure its control of PointsBet before the Betr Offer is sent to PointsBet shareholders and open for acceptances.”
Betr wants interim orders to be granted to prevent MIXI from processing acceptances under the latest offer until the Panel reaches its findings on the issues around its own proposal for PointsBet.
Image credit: PB
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