MIXI Australia submits ‘best and final’ improved bid in PointsBet takeover saga
Summary
MIXI Australia has lodged a “best and final” all-cash offer for PointsBet, increasing its bid to AU$1.25 per share and removing prior conditions after receiving approval from the Foreign Investment Review Board. The improved offer implies an enterprise value of AU$419m and an EV/EBITDA multiple of 38.1x on FY25 guidance. MIXI currently holds a 28.2% stake; the offer is open until the evening of 25 August and payments will be made to shareholders who accept by 29 August (or within 10 business days of acceptance).
Source
Key Points
- • MIXI raised its all-cash offer to AU$1.25 per PointsBet share, up from AU$1.20.
- • The bid values PointsBet at an implied enterprise value of AU$419 million and an EV/EBITDA of 38.1x (FY25 guidance).
- • MIXI declared the offer unconditional after FIRB approval and waived the 50.1% minimum acceptance condition.
- • Offer timeline: open until the evening of 25 August; payments to accepting shareholders by 29 August or within 10 business days.
- • PointsBet directors unanimously recommend shareholders accept MIXI’s improved offer.
- • Rival bidder Betr has an all-scrip proposal; it values PointsBet differently (claims equivalent of AU$1.35 per share based on its capital raise price) and holds 19.9% voting power.
- • PointsBet has repeatedly criticised Betr’s proposals, calling some synergy estimates materially overstated and previously involved the Takeover Panel over aspects of Betr’s bid.
Content summary
MIXI Australia has upgraded and finalised its takeover proposal for PointsBet, sweetening the cash offer and removing prior conditions to give shareholders a guaranteed, expedited cash outcome. The board of PointsBet continues to back MIXI’s offer and encourages acceptance, citing concerns about the structure and assumptions behind Betr’s competing all-scrip proposals. Betr argues its combined strategy would create greater long-term value through synergies, while MIXI offers immediate cash certainty. The contest continues through August with shareholders weighing a sure cash exit versus a potential merged upside under Betr.
Context and relevance
The bid battle matters for the Australian wagering market and wider M&A watchers: it highlights competing takeover strategies (cash certainty versus scrip-driven consolidation), regulatory clearance dynamics (FIRB sign-off), and shareholder preference tensions when valuing future synergies against immediate cash. The outcome will influence consolidation momentum in gaming and could set precedent for how cross-border tech firms and local challengers approach acquisitions in the sector.
Why should I read this?
Want the cliff notes? MIXI just went all-in with a cleaner, higher cash offer and removed the strings — so if you care about who actually gets paid and when, this is the move to watch. If you’re tracking sector consolidation, takeover tactics or PointsBet specifically, this saves you the faff of combing through both bids.
Article meta
Article Date: Fri, 08 Aug 2025 12:05:13 +0000
Author: Richard Mulligan
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