Betr's offer for a takeover is declined by PointsBet, as they opt for a deal with MIXI instead.
🚀 Aussie Betting Drama: PointsBet vs. Betr vs. MIXI 🇦🇺
Here's the tea on the latest chapters unfolding in the wild world of Australian sports betting! 🍵
The Dramatic Twist:After a rollercoaster ride of mergers and acquisitions, PointsBet has decisively rejected a takeover proposal from Betr Entertainment. Betr had proposed acquiring an 80.1% stake in PointsBet for a cool AU$360 million (approx. $261 million USD), offering AU$1.20 per share. However, after quizzing Betr's financial assumptions as being unrealistic and synergies overstated, PointsBet opted for a sweeter deal from MIXI Australia instead. 🍭
MIXI's Hungry Offer:MIXI Australia, a slick Japanese digital entertainment and media company, came with a revised, mouthwatering offer worth AU$402 million (approx. $261 million USD), or AU$1.20 per share—a juicy 44.6% premium over the stock price in February 2025. The board at PointsBet found this deal irresistible and unanimously endorsed it, entering into a bid implementation deed with MIXI. 🥳
Regulations & Shake-Ups:The Australian Government green-lighted MIXI's acquisition by mid-June 2025, complying with the Foreign Acquisition and Takeovers Act 1975. However, approval from Canadian regulators is still pending, as PointsBet maintains a presence in Ontario's regulated market. A critical shareholder vote is scheduled for June 25, 2025, which will likely determine the final outcome. 📅
Betr's Bitter Taste:Not one to back down, Betr, with a 19.9% stake in PointsBet, has voiced strong opposition to the MIXI takeover and plans to vote against MIXI's bid at the shareholder meeting. Betr reckons some fellow shareholders might also hop on the bandwagon, predicting MIXI's deal could fail. To spice things up, Betr revealed plans to sell PointsBet's Canadian assets (mostly player databases) to Hard Rock Digital, although no further comments have been made on this matter. 🔥
So there you have it, folks! The Australian sports betting saga continues, with the future of PointsBet in the hands of the shareholders on June 25. Will MIXI secure the majority, or will Betr pull off a miracle? Stay tuned! 😎
Despite Betr's proposing an 80.1% stake in PointsBet for AU$360 million, PointsBet found Betr's financial assumptions unrealistic and opted for a sweeter deal from MIXI Australia instead, which offered AU$402 million for PointsBet's business, a move that could significantly impact the finance sector and sports-betting market, especially considering Betr's strong opposition to the MIXI takeover.
