MIXI Australia submits ‘best and final’ improved bid in PointsBet takeover saga
8 August 2025 | By Richard Mulligan
Summary
MIXI Australia has lodged a “best and final” all-cash offer of AU$1.25 per PointsBet share, valuing the deal at an enterprise value of AU$419 million. The offer is now unconditional after approval from Australia’s Foreign Investment Review Board and MIXI has waived its earlier 50.1% minimum acceptance condition. The bid remains open until the evening of 25 August; shareholders accepting by 29 August (or within 10 business days of acceptance) will be paid promptly. MIXI currently holds a 28.2% stake in PointsBet and the price implies an EV/EBITDA multiple of 38.1x based on FY25 guidance.
Deal dynamics
PointsBet’s board again unanimously recommends MIXI’s cash offer, saying it provides certainty and quick payment. Rival bidder Betr Entertainment continues to push an all-scrip takeover route, arguing its combination would deliver greater upside through synergies and longer-term integration — claims PointsBet’s board disputes as overstated. Betr’s latest on-market proposals, various scrip exchange ratios and proposed buy-backs have been rejected or challenged in recent weeks.
Key Points
- • MIXI increased its all-cash offer to AU$1.25 per share, making the bid unconditional after FIRB approval.
- • The offer implies an enterprise value of AU$419 million and an EV/EBITDA of 38.1x on FY25 guidance.
- • MIXI waived a previous 50.1% minimum acceptance condition and holds a 28.2% stake in PointsBet.
- • PointsBet’s board unanimously recommends shareholders accept MIXI’s cash offer, citing certainty and prompt payment.
- • Rival Betr remains in the contest with all-scrip proposals (arguing material synergies), holding ~19.9% voting power.
- • Timetable: offer open until 25 August; payments for acceptances by 29 August or within 10 business days thereafter.
Context and relevance
The fight for PointsBet highlights the ongoing consolidation pressure in the Australian wagering market and the strategic divergence between cash buyers and scrip-driven consolidators. Regulatory clearance from FIRB removed a key hurdle for MIXI and gives its cash bid added credibility; but Betr’s emphasis on synergies keeps uncertainty around potential shareholder preference for immediate cash versus potential longer-term upside. The outcome will matter for market structure, competitive dynamics and shareholder returns in the Australian betting sector.
Why should I read this?
If you follow betting M&A or own PointsBet shares, this is the bit you need — cash certainty versus scrip upside, and the board’s clear push for the cash deal. We’ve read the back-and-forth so you don’t have to: quick facts, timetable and what it means for investors and the market.
Author style
Punchy: this is now a straight contest — MIXI offers guaranteed cash and regulatory sign-off; Betr offers a growth story built on synergies. Shareholders face a simple choice, but the consequences for market consolidation are anything but small.