The Takeovers Panel has approved a key variation to betr Entertainment’s undertaking, removing shareholder approval hurdles for MIXI Australia’s participation in a selective share buy-back tied to its competing bid for PointsBet.
- Takeovers Panel consents to variation of betr Entertainment’s undertaking
- Shareholder approval for MIXI Australia’s participation in selective share buy-back removed
- MIXI Australia publicly declines to accept betr’s all-scrip takeover offer
- Variation simplifies procedural requirements for betr’s selective share buy-back
- Potential impact on competing takeover dynamics for PointsBet Holdings
Background to the Battle for PointsBet
PointsBet Holdings Limited, a notable player in the Australian betting and financial services sector, remains at the center of a fierce takeover contest. Two rival bids 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. The competing offers have created a complex regulatory and shareholder landscape, with each party maneuvering to secure control.
The Undertaking and Its Variation
Earlier this year, betr Entertainment provided an undertaking to the Takeovers Panel that included provisions requiring shareholder approval for MIXI Australia’s participation in a selective share buy-back following the closure of betr’s bid. This selective buy-back was a strategic element designed to consolidate control post-bid.
However, on 25 August 2025, MIXI Australia publicly declared it would not accept betr’s all-scrip offer, effectively removing any realistic scenario where MIXI would participate in the selective share buy-back. In response, betr sought and received the Takeovers Panel’s consent to vary its undertaking, deleting the shareholder approval requirements related to MIXI’s participation.
Implications of the Panel’s Decision
The Panel’s consent to this variation streamlines the procedural framework for betr’s selective share buy-back, eliminating the need for a potentially contentious shareholder vote on MIXI Australia’s eligibility. This move reflects the Panel’s recognition of the changed circumstances and MIXI’s clear stance against betr’s offer.
For betr, this adjustment could accelerate post-bid consolidation efforts, while for MIXI Australia, it underscores their firm rejection of the all-scrip bid. The decision also signals the Panel’s pragmatic approach to evolving takeover dynamics, balancing regulatory rigor with practical realities.
Looking Ahead
While this variation removes one layer of complexity, the broader takeover battle for PointsBet remains unresolved. Shareholders and market watchers will be closely monitoring subsequent moves by both bidders, as well as any further regulatory developments. The evolving interplay between cash and scrip offers continues to shape the strategic landscape for PointsBet’s future ownership.
Bottom Line?
With the Panel’s green light, betr’s path to consolidating control over PointsBet clears a key hurdle; but the takeover saga is far from over.
Questions in the middle?
- Will MIXI Australia reconsider its stance or pursue alternative strategies in the PointsBet bid?
- How will PointsBet shareholders respond to the simplified selective share buy-back process?
- Could further regulatory or shareholder actions shift the balance between the competing bids?