PointsBet says no to Betr unsolicited scrip offer
A Mixi Australia takeover offer is now open to shareholders.
Key Points
- Mixi currently has a relevant interest in 9.15% of PointsBet shares
- The Betr offer was “highly conditional” and was subject to Ontario gaming approval, a reason that influenced PointsBet’s decision to reject it
PointsBet Holdings has turned down an off-market all-scrip offer from Betr, a company created by Australian-based bookies and previously merged with BlueBet.
PointsBet rejected the proposal by unanimous vote.
The company cited several reasons for the decision, including that the offer “is highly conditional and subject to Betr shareholder approval and Ontario gaming approvals, the outcome and timing of which remains uncertain.”
PointsBet also considered the value of Betr’s offer when making this decision.
The company said in a statement, “Since its announcement on June 20, 2025, the value of the Unsolicited Betr Scrip Offer has been worth materially less than the Mixi Takeover Offer, when calculated using volume weighted average prices over relevant trading periods.
“The PointsBet Board does not accept Betr’s characterization of the value of the Unsolicited Betr Scrip Offer.”
PointsBet said Betr has a “less valuable and volatile VIP-heavy customer base,” which is 50% of Betr’s net win from 20 customers in January 2025.
As a result, Mixi Australia’s takeover offer is now open to shareholders. The company currently has a relevant interest in 9.15% of PointsBet shares, according to PointsBet.
Pointsbet has operations in Canada and in Australia but recently withdrew its operations from the US. The company serves as a corporate bookmaker and has developed a cloud-based wagering platform.
The company offers its players access to sports wagering, iGaming and racing products.
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