MIXI Takes Control Over PointsBet The Australian Gaming Operator

MIXI Australia has a controlling share in its acquisition of PointsBet, the Australian sports betting operator. With the announcement that MIXI has secured a 51.59% stake in PointsBet, the company has officially established majority ownership, allowing it to control the operations of the betting entity. This latest development signals the culmination of a protracted takeover saga that began earlier this year.

MIXI’s journey towards acquiring PointsBet has been marked by strategic maneuvers and competitive bidding. The company first expressed interest in PointsBet in February, initiating a series of negotiations and offers. The recent acquisition of a majority stake not only solidifies MIXI’s position but also effectively halts any further attempts by rival Betr Entertainment to gain control. Betr, which holds a 19.9% stake in PointsBet, has been actively pursuing its own takeover bid, but with MIXI’s majority ownership now established, Betr’s ambitions have been thwarted.

Key Developments in the Acquisition

• Initial Interest: MIXI’s interest in PointsBet was first made public in February, setting the stage for a competitive bidding war.
• Majority Stake Secured: As of last week, MIXI announced that its stake in PointsBet had surpassed 51%, granting it control over the operator.
• Betr’s Position: Betr Entertainment, which has been vying for a majority stake, can no longer pursue its takeover ambitions following MIXI’s acquisition.

In a letter to shareholders, MIXI confirmed that its takeover offer would remain open until 12 September. Shareholders who accept the offer before this deadline will receive compensation in accordance with the proposed terms. The offer values PointsBet at $1.25 per share, with the potential for an increase to $1.30 per share if MIXI secures over 90% of the total shares.

PointsBet’s board has consistently supported MIXI’s bid throughout the acquisition process. In August, the board recommended that shareholders vote in favour of MIXI’s latest offer, despite Betr’s attempts to increase its own bid value. The ongoing support from PointsBet’s board underscores the confidence in MIXI’s leadership and strategic direction.

Betr’s Counteroffer

Betr Entertainment has not remained silent during this acquisition process. The company has made several proposals to acquire PointsBet, with its most recent all-share offer valuing the operator at $1.40 per share. However, despite these efforts, PointsBet’s board has continued to endorse MIXI’s bid, urging shareholders to reject Betr’s offers in favour of the more stable and secure proposal from MIXI.