Note: Please see attachment for full Second Supplementary betr Target’s Statement release on ASX 10 September 2025.
PointsBet Takeover Battle: Board Urges Shareholders to Accept MIXI Cash Offer
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PointsBet Holdings has issued an update to shareholders as on the two competing takeover bids.
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Board strongly recommending acceptance of MIXI Australia's cash offer over betr Entertainment's scrip proposal.
Key Developments:
MIXI Takes Control
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MIXI Australia now controls PointsBet with 51.9% voting power
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Final deadline: Friday, 12 September 2025 at 7pm for $1.25 cash per share
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No extensions - this is shareholders' last chance for certain cash consideration
betr Offer Faces Major Hurdles
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betr's offer of 4.375 betr shares per PointsBet share remains conditional and unsolicited
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Critical consent from NAB (betr owes $33+ million) required but not obtained for proposed share buy-back
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Independent experts have deemed betr's buy-back "not fair" to shareholders
Financial Concerns Around betr
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betr recorded negative free cash flow exceeding $25 million in FY25
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Limited liquidity in betr shares (zero trades recorded on recent trading day)
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Risk of buy-back scale-back, leaving shareholders holding illiquid, loss-making stock
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Potential cash shortage to fund ongoing operations if buy-back proceeds
Board Position
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The PointsBet Board unanimously recommends shareholders ACCEPT the MIXI cash offer and REJECT betr's scrip offer,
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Emphasising the certainty of cash versus the significant risks and uncertainties surrounding betr's proposal.
- With MIXI now in control, betr will have no board representation or synergy opportunities, remaining a direct competitor in the Australian online betting market.
