MIXI Australia Boosts PointsBet Bid by 4%, Offer Now Unconditional
MIXI Australia has increased its all-cash takeover offer for PointsBet shares to $1.25 and removed all remaining conditions, making the bid unconditional. The offer closes on 25 August 2025, with MIXI holding nearly 29% of PointsBet and aiming for board influence.
- Offer price increased from $1.20 to $1.25 per PointsBet share
- Bid declared unconditional after waiving minimum acceptance and other conditions
- MIXI Australia holds 28.76% relevant interest in PointsBet shares
- Funding secured from MIXI’s substantial cash reserves
- Offer set to close on 25 August 2025 unless extended
MIXI Australia Sweetens Takeover Offer
MIXI Australia Pty Ltd, a subsidiary of Japan’s MIXI, Inc, has officially increased its all-cash takeover bid for PointsBet Holdings Limited shares from $1.20 to $1.25 per share. This 4.2% uplift represents a significant premium of over 50% to PointsBet’s share price before the initial bid announcement in February 2025, reflecting MIXI’s strong commitment to acquiring the online betting company.
The revised offer values PointsBet at an enterprise value of approximately $419 million, implying a hefty multiple based on PointsBet’s FY25 earnings guidance. This price increase is positioned as best and final, although MIXI retains the option to raise the offer further if it secures more than 50% ownership.
Offer Now Unconditional, Backed by Regulatory Approvals
Crucially, MIXI Australia has declared the offer unconditional by waiving all remaining conditions, including the previously required minimum acceptance threshold of 50.1%. This follows clearance from the Foreign Investment Review Board and gaming regulators, removing key regulatory hurdles. With the offer now unconditional, shareholders who accept will be contractually bound, and MIXI will aim to pay accepted shareholders within 15 business days.
As of mid-August, MIXI Australia and its associates already hold a substantial 28.76% stake in PointsBet, positioning them as a dominant shareholder ahead of the offer close on 25 August 2025. MIXI has also confirmed it has sufficient cash reserves, approximately A$942 million, to fund the acquisition in full, underscoring the financial strength behind the bid.
Strategic Intentions and Board Influence
Should MIXI acquire 50% or less of PointsBet, it intends to seek board representation proportional to its shareholding and advocate for its strategic vision. If it crosses the 50% ownership threshold, MIXI plans to implement broader operational and management changes as outlined in its initial bidder’s statement. The company also reserves the right to participate in any future share buy-back schemes and to consider alternative strategies to maximise shareholder value.
PointsBet shareholders face a clear choice, accept the improved, unconditional offer by the deadline or risk missing out on a premium price. MIXI’s move to remove conditions and increase the offer price signals confidence in the value of PointsBet and a desire to expedite the takeover process.
Market and Shareholder Implications
The offer’s unconditional status removes uncertainty for shareholders and the market, potentially stabilising PointsBet’s share price ahead of the bid close. However, the final outcome depends on the level of shareholder acceptance and whether any competing bids emerge. MIXI’s strategic approach suggests a long-term commitment to PointsBet’s growth in the competitive online betting sector.
Bottom Line?
With the offer now unconditional and price increased, MIXI Australia’s takeover of PointsBet enters its decisive final phase.
Questions in the middle?
- Will MIXI Australia surpass 50% ownership to gain full control of PointsBet?
- How will PointsBet’s management and board respond to MIXI’s increased stake and intentions?
- Could a competing bid or shareholder resistance alter the takeover outcome?
