Mixi ups PointsBet offer in the midst of takeover tug-of-war with Betr

Japanese entertainment group Mixi has increased its takeover offer for PointsBet Holdings Limited, escalating an ongoing contest for the Australian bookmaker’s future just weeks before shareholders were due to vote on the original proposal.

The revised bid, delivered through Mixi’s wholly owned subsidiary Mixi Australia Pty Ltd, raises the cash consideration to AUD 1.20 per share, up from the earlier AUD 1.06 offer made in February. The updated offer represents a 13.2% premium over the previous bid and values the company at approximately AUD 402 million ($261.4 million), based on a fully diluted share count. 

The uplift adds AUD 49 million to the original valuation and implies an enterprise value-to-EBITDA multiple between 28.7 and 36.6, based on PointsBet’s FY25 guidance.

PointsBet confirmed it had entered into a Deed of Variation with Mixi and Mixi Australia to formalize the improved proposal under the existing Scheme Implementation Deed (SID). The company also announced the postponement of its Scheme Meeting from June 12 to June 25, following orders from the Federal Court of Australia.

The revised offer arrives amid heightened competition from rival bidder Betr, led by wagering executive Matthew Tripp, which acquired nearly 20% of PointsBet earlier this year. 

Betr has pitched a competing AUD 360 million ($234 million) proposal, comprising cash and equity, and has positioned the potential merger as a pathway to capturing 10% of Australia’s betting market through synergies, consolidation of technology platforms, and a unified brand.

While Betr continues to signal interest, the latest development shifts momentum in Mixi’s favor. PointsBet’s board is recommending shareholders vote in support of the revised scheme, subject to an independent expert report and the absence of a superior competing proposal.

Mixi has also indicated that, should the scheme fail to gain shareholder approval, it is prepared to consider a fallback option: an off-market takeover bid with a minimum acceptance threshold of 50.1%. This alternative would match the $1.20 per share cash offer, though Mixi emphasized that it will only proceed if a Bid Implementation Deed is negotiated and executed.

PointsBet, which launched in Melbourne in 2017 and now holds about 5% of the Australian online betting market, has become the center of a strategic power play between domestic and international suitors. Shares in the company last traded at AUD 1.08.