MIXI Australia’s Cash Offer Unconditional as Panel Rejects betr’s Challenge

Background to the Takeover Battle

PointsBet Holdings Limited (ASX – PBH), a prominent player in the online betting sector, finds itself at the centre of a fierce takeover contest. Two rival offers are on the table – a recommended cash offer from MIXI Australia Pty Ltd and an unsolicited all-scrip reverse takeover bid from betr Entertainment Limited (ASX – BBT). This competitive dynamic has attracted regulatory scrutiny and market attention alike.

The Takeovers Panel's Decision

On 18 August 2025, the Takeovers Panel announced it would not conduct proceedings following an application by betr Entertainment. The application challenged MIXI Australia's move to declare its cash offer unconditional and begin payment processing while betr's bid was still not open for acceptance. betr also raised concerns about the non-disclosure of a confidentiality deed between MIXI Australia and PointsBet, arguing it undermined market transparency.

However, the Panel concluded that the timing and commercial status of both offers provided shareholders with a fair opportunity to assess and participate in either bid. The Panel found no evidence of unacceptable circumstances that would warrant intervention, effectively endorsing the current competitive process.

Implications for Shareholders and the Market

This ruling clears a significant hurdle for MIXI Australia, allowing it to proceed confidently with its cash offer. Meanwhile, betr Entertainment retains the ability to pursue its all-scrip bid without regulatory obstruction. For PointsBet shareholders, the decision preserves their right to evaluate both offers on their merits, potentially driving a more competitive outcome.

Market watchers will be keen to see how the two bidders adjust their strategies in response to the Panel's stance. The absence of regulatory interference may accelerate deal activity and influence PointsBet's share price dynamics in the near term.

Looking Ahead

The Takeovers Panel has promised to publish its detailed reasons for the decision in due course, which could shed further light on its assessment criteria and the nuances of this complex contest. Meanwhile, investors should monitor developments closely as the bidding war unfolds.