PointsBet confirms MIXI secures over 50% shareholder acceptance for takeover bid

• PointsBet says MIXI now has more than 50% acceptance, enough to push forward with its takeover bid
• A final date for deciding has now been extended to September 12, 2025, as per the existing law
• Betr has not yet responded to the latest development, which also values PointsBet at AU$1.30 per share

PointsBet Holdings Limited has issued a new update to the Australian Stock Exchange, stating that MIXI Australia Pty Ltd has obtained the necessary approval to proceed with a proposed takeover proposal, potentially ending a bidding war with rival Betr.

MIXI gets closer to securing PointsBet takeover

MIXI Australia has informed PointsBet that it has received the necessary acceptance that now exceeds 50%. A previous voting process that yielded fairly similar results fell through after Betr pointed out that votes in its favor had not been counted, necessitating a restart of some of the process.

Because of this new development, the closing date for MIXI Australia’s offer will now be extended by a period of 14 days, and will expire at 7:00 pm Melbourne time on Friday, September 12, 2025.

Last week, MIXI Australia submitted what it called its improved and final offer, offering an all-cash buyout of PointsBet worth AU$1.30 per share, and going up against Betr’s stock-based takeover bid.

The proposal also constituted an improvement on MIXI’s AU$1.25 offered previously to the company. However, MIXI confirmed that it would not revise its offer any further and that it was now down to shareholders to decide what they wanted to do next.

Concerns raised over Betr’s takeover proposal

MIXI had about 37.12% acceptance in PointsBet last week, but this rate has now increased over 50% according to the latest ASX filing. The deadline for accepting the offer was set for today, Friday, August 29, with PointsBet and its shareholders now having two more weeks to decide whether they want to accept the takeover bid.

In resisting Betr’s proposal, PointsBet has pointed out business practices that the company feared were not sustainable. Evidence was given of the company generating a significant part of its revenue from a fraction of its customer base, and specific verticals, PointsBet cautioned.

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