PointsBet Takeover Heats Up: betr Rejects Rival Bid, Limits Offer Extension
betr Entertainment has issued its first supplementary bidder’s statement reaffirming its takeover offer for PointsBet, rejecting MIXI’s competing bid and outlining key next steps including a selective buy-back and acceptance facility.
- betr rejects MIXI’s takeover offer and will not increase its bid price
- Offer period will not extend beyond 2 October 2025
- Selective buy-back planned, subject to shareholder approval, with minimum $80 million pool
- Institutional acceptance facility established for eligible shareholders
- Independent expert finds selective buy-back fair and reasonable
betr’s Position on MIXI Offer
betr Entertainment Limited has decisively rejected the competing takeover offer from MIXI Australia Pty Ltd for PointsBet Holdings Limited shares. In its first supplementary bidder’s statement lodged on 22 August 2025, betr confirmed it will not accept MIXI’s offer and that MIXI’s proposed price increase to $1.30 per share will not materialise. betr maintains that its own offer, combined with potential cost synergies valued at up to $44.9 million, offers superior value to PointsBet shareholders.
Offer Timeline and Extension Limits
The closing date for betr’s takeover offer remains 25 September 2025, with a firm commitment not to extend the offer period by more than seven days beyond this date. This signals betr’s intent to bring the takeover process to a timely conclusion, limiting prolonged uncertainty for shareholders and the market.
Selective Buy-Back Details
Subject to shareholder approval at an extraordinary general meeting scheduled for 22 September 2025, betr plans to proceed with a selective buy-back of shares. The buy-back pool will start at a minimum of $80 million, with the possibility to increase up to $200 million if certain conditions are met. The buy-back price is set at $0.32 per eligible share, with a structured timeline for opening, closing, and payment designed to provide clarity and liquidity to participating shareholders.
Institutional Acceptance Facility Established
To facilitate institutional shareholder participation, betr has established an acceptance facility for shareholders holding shares valued at approximately $500,000 or more. This mechanism allows eligible shareholders to indicate their intention to accept the offer ahead of it becoming unconditional, providing a degree of certainty and streamlined processing for large investors.
Independent Expert Opinion and Regulatory Compliance
Grant Thornton Corporate Finance Pty Ltd has provided an independent expert’s report affirming that the selective buy-back is fair and reasonable to non-participating shareholders, and that MIXI’s participation in the buy-back complies with ASX listing rules. The supplementary statement has been lodged with ASIC and ASX, underscoring betr’s commitment to transparency and regulatory compliance throughout the takeover process.
Bottom Line?
With the battle for PointsBet intensifying, all eyes will be on shareholder approval and market response as the deadline approaches.
Questions in the middle?
- Will betr secure the necessary shareholder approval for the selective buy-back?
- How will MIXI respond to betr’s firm rejection and refusal to increase its bid?
- What impact will the acceptance facility have on institutional shareholder participation?