Betr confident PointsBet will reconsider latest takeover offer

Summary

Betr Entertainment has lodged an improved all‑share takeover proposal for PointsBet Holdings offering 4.219 Betr shares for each PointsBet share — equal to AU$1.35 per PointsBet share based on Betr’s capital raising price of $0.32 (or $0.321 closing price). The offer also equates to AU$1.33 per share using a two‑day VWAP of $0.3161. Betr says it will increase the offer after the formal opening and claims its proposal is superior to MIXI Australia’s AU$1.20 all‑cash bid.

The move follows PointsBet’s earlier rejection of prior Betr proposals and a complaint to the Takeover Panel alleging Betr’s previous offer was “misleading” and “unbalanced”. PointsBet has repeatedly recommended MIXI’s bid, which now requires only 50% shareholder approval and may pass unless Betr’s new offer changes the board recommendation or shareholder voting dynamics.

Key Points

• Betr proposes 4.219 shares per PointsBet share, equating to ~AU$1.35 based on Betr’s $0.32 capital raising price.
• Alternative valuation using a two‑day VWAP of $0.3161 gives AU$1.33 per PointsBet share.
• MIXI’s competing all‑cash bid stands at AU$1.20 per share (enterprise value ~AU$402m).
• PointsBet previously rejected Betr’s offers and complained to the Takeover Panel over alleged misleading claims and voting disclosure issues.
• Betr holds a 19.9% stake in PointsBet and expects the PointsBet board to reconsider its recommendation for MIXI.
• MIXI’s latest bid requires only 50% shareholder approval, increasing the chance of success unless shareholders swing to Betr.

Context and relevance

This is a live M&A tussle in the Australian wagering market. The outcome affects market consolidation, shareholder value and who controls PointsBet’s regional footprint. For investors and industry watchers, the story highlights how scrip versus cash offers, claimed synergies and proxy/voting mechanics can determine deal success — and how regulatory oversight (Takeover Panel) can intervene.

Author

Punchy: Robert Fletcher — if you follow gaming M&A, this one’s worth watching closely; it could reshape market share in Australia.

Why should I read this?

Short version: Betr just cranked up its bid and says it’s better than MIXI’s cash offer. If you care about who wins PointsBet, why prices might move or what shareholders will do, read this — it’s the next twist in a very public takeover fight.