Betr says it has addressed all concerns raised by PointsBet about its previous takeover offer, with a new proposal that it says “materially reduces” the chances of PointsBet accepting Mixi’s rival bid.
The latest offer from betr, which recently merged with fellow Australian gambling operator BlueBet, would see the company acquire 100 per cent of the shares in PointsBet it does not currently own by way of scheme of arrangement.
Betr said its offer proposes an implied equity value of AU$360m, comprised of $260m in cash and $100m in betr scrip.
To support its new offer, betr has become PointsBet’s largest shareholder after acquiring a 19.9 per cent relevant interest from two of the company’s largest shareholders.
Betr said it will vote all of its shares against the current Mixi proposal, which also proposes a scheme of arrangement and is worth $352m.
Betr said its latest offer “creates a materially scaled player and offers a significant synergy participation opportunity to PointsBet shareholders.”
“As PointsBet’s largest shareholder, and with other remaining shareholders having expressed their support for betr’s proposal, this materially reduces the likelihood that the current Mixi proposal can be implemented. Betr has now addressed all concerns raised by PointsBet in its letter to shareholders dated April 3, 2025.”
PointsBet’s last public comment on its rival bids was to recommend Mixi’s offer. It reiterated its doubts over whether the previous offer was “fully funded” due to the need to raise a cash pool of between $240m and $260m to fund its offer.
However, Betr said National Australia Bank has issued credit-approved terms for a $120 million acquisition financing facility.
What’s more, Betr said it has received a “non-binding proposal” from Seminole Hard Rock Digital to acquire “certain assets” relating to PointsBet’s Canadian operations, “subject to various conditions precedent.”
Betr has also announced a “fully underwritten” equity raise of $130m, with $20m pre-committed by betr chairman Matt Tripp, BlueBet chairman Michael Sullivan and the conversion of a $15m loan into equity.
