Betr has launched a fresh scrip‑based takeover offer for PointsBet, valuing the bookmaker at A$1.22 per share and reopening a months‑long tug‑of‑war already shaped by board rejections and a rival cash proposal from Japan’s MIXI.

Under the revised offer, the Australian and Canadian sports betting operator’s shareholders were offered 3.81 Betr shares for each of their own.

Betr said the exchange ratio could translate to as much as A$1.89 a share when projected cost synergies are included, comfortably above the A$1.20 per‑share cash deal MIXI tabled in June.

The Australian operator first approached PointsBet in February and has since built a 19.6% holding while repeatedly sweetening terms.

PointsBet’s board, however, ruled each attempt inferior to the MIXI proposal, questioning funding assurances and warning that shareholders would be left holding paper in a less liquid company.

MIXI’s bid, the only offer formally endorsed by PointsBet, cleared its scheme vote on 25 June but still needs at least 50.1% acceptance under its fallback off-market takeover and some residual regulatory clearances.

Betr offer reopens PointsBet M&A battle

That endorsement, and PointsBet’s signals that Betr’s numbers were overstated, had appeared to end the contest until today’s (16 July) escalation.

“This is just the start of the value creation journey we envisage for Betr and PointsBet shareholders for the combined business,” Betr said as it touted A$44.9m of annual cost savings and the prospect of a re‑rating once the enlarged group joined the ASX 300.

PointsBet struck a different tone last month. “At present, there is only one transaction capable of acceptance by PointsBet shareholders, which is the MIXI scheme,” the company said when rebuffing Betr’s previous 3.81‑for‑1 script offer, then worth A$1.09 a share.

Betr insists today’s valuation gap stems from applying the A$0.32 price used in its oversubscribed May capital raise rather than the thinner on‑market print, and from assigning a 10x multiple to the cost savings it says can be delivered within two years.

PointsBet has countered that the overlap between the two customer bases and the complexity of splitting its Canadian business would erode those savings, and has branded Betr’s liquidity assurances “clearly misleading”.

Proxy tallies ahead of an adjourned 25 June scheme meeting showed more than 90% of votes not tied to Betr backing MIXI, though the final count was postponed after Betr signalled it would return with an improved bid.

MIXI has since secured approval from Ontario regulators, removing one of the remaining conditions attached to its A$402m proposal, but still needs majority shareholder support to close.

Betr’s offer, which is subject to its own shareholder vote but carries no minimum acceptance condition, is scheduled to open on 31 July and close on 8 September, though the suitor said it may raise its terms again.

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