MIXI has formally lodged its A$1.20-per-share all-cash takeover offer for PointsBet, worth A$402m (€224.8m), releasing a detailed bidder’s statement that includes full board backing and outlines a swift payment timeline.
Compared to MIXI’s previous proposal, the main difference is that the new offer includes lower shareholder acceptance requirements.
The Japanese group is seeking to acquire 100% of the ASX-listed operator through its Australian subsidiary, emphasising certainty, regulatory approvals and premium valuation.
The latest statement confirms PointsBet’s directors have unanimously recommended the deal “in the absence of a Superior Proposal,” with each board member also pledging to accept for their own shares.
MIXI’s offer represents a 44.6% premium to PointsBet’s last closing price before takeover speculation began in February and comes with no financing condition, with funds drawn from the parent group’s cash reserves.
MIXI added: “The Offer delivers certainty of value in the form of cash consideration for all PointsBet Shareholders”.
The board contrasted MIXI’s firm bid with a conditional, stock-only counter offer from Betr, received on 17 July.
The Betr bid offers 3.81 shares in Betr for every one PointsBet share and hinges on both shareholder approval and gaming regulator sign-off.
PointsBet said shareholders are advised to take no action in relation to the “Unsolicited Betr Scrip Offer” while it prepares a detailed response.
In its earlier comments on the Betr proposal, PointsBet warned that it provides no cash certainty and is heavily dependent on synergies being achieved.
It added such synergies were materially overstated and that revenue dis-synergies would also be a factor.
As of 17 July, MIXI has also locked in pre-bid acceptance agreements with shareholders covering over 9% of PointsBet shares. The offer remains open until mid-August unless extended.
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