betr Raises PointsBet Offer to $1.40 Per Share, Expands Buy-Back Pool

betr Entertainment Raises the Stakes

In a strategic move to secure full ownership of PointsBet Holdings Limited, betr Entertainment Limited (ASX – BBT) has increased its all-scrip takeover offer. The new offer values each PointsBet share at $1.40, up from the previous 4.219 betr shares per PointsBet share to 4.375 betr shares. This adjustment reflects betr’s recent capital raise price of $0.32 per share and positions the offer above MIXI’s competing cash bid of $1.25 per share.

Expanding the Buy-Back Pool

Alongside the enhanced offer, betr has also increased its selective buy-back pool to $90 million, up from an initial $80 million. This buy-back is designed to return capital to shareholders and will proceed regardless of the level of acceptances under the takeover offer or MIXI’s shareholding post-offer. The move underscores betr’s commitment to managing shareholder value amid the takeover tussle.

Robust Shareholder Support

betr has announced strong backing from its shareholders ahead of the general meeting scheduled for 22 September 2025. Over 75% of shares on issue have indicated support for three critical resolutions – approval of the share issue under the takeover offer, authorization of the selective buy-back, and permission for MIXI to participate in the buy-back. While proxies and voting intentions are not binding, this level of support bodes well for the company’s strategic plans.

Next Steps and Market Implications

Supplementary bidder’s statements and explanatory materials will be lodged imminently to provide further details on the increased offer and buy-back. Investors will be watching closely as the September meeting approaches, keen to see if betr can consolidate control of PointsBet and fend off MIXI’s challenge. The outcome will have significant implications for the Australian wagering sector, potentially reshaping competitive dynamics.