PointsBet Rejects Betr’s Sweetened Offer, Reaffirms Support for Mixi Deal

The operator made it clear that Betr’s revised proposal remains “materially inferior” to the competing offer made by Japanese firm Mixi, which PointsBet continues to endorse as the superior path forward for shareholders.

Betr had submitted an enhanced offer yesterday, proposing to acquire PointsBet at a price of AU$1.35 (US$0.87) per share—an 11.8% premium over Mixi’s current bid. Despite this financial uplift, the PointsBet board remains unmoved, reiterating its earlier stance that Mixi's offer presents a more secure and beneficial outcome. The company’s latest rejection marks the second time Betr’s advances have been turned away.

In its official response, PointsBet emphasized serious reservations following due diligence on Betr’s operations. The board stated that it sees considerable risk in aligning with Betr, citing ongoing concerns about the stability and performance of Betr’s current business model. Additionally, PointsBet expressed skepticism toward what it called a “material overstatement” by Betr regarding the potential net synergies of a merger. These concerns, the company argues, outweigh any short-term financial appeal of the higher bid.

Another critical factor in the board’s continued support for Mixi’s offer is regulatory approval. Mixi’s proposal has already cleared regulatory hurdles in both Australia and Canada, providing a clear pathway for closure and reducing uncertainty for PointsBet’s shareholders.

This latest development also comes in the wake of a failed shareholder vote in June that nullified PointsBet’s previous approval of the Mixi deal. With a fresh vote on the horizon, the board has renewed its call for shareholders to back Mixi’s acquisition bid, positioning it as the most credible and value-preserving option amid a turbulent takeover landscape.

As the battle for PointsBet continues, the company remains firm in its position, rejecting Betr’s persistent efforts and urging stakeholders to stay the course with Mixi.