MIXI secures majority control of PointsBet, ending rival bid

MIXI has secured majority ownership of PointsBet after raising its stake to 51.59% as of Friday evening, seemingly ending rival suitor Betr's chances of taking control of the sports betting operator.

The acquisition gives MIXI control of PointsBet as a subsidiary, drawing a close to a takeover battle that began in February. MIXI said its offer will remain open until September 12, with shareholders who accept before that date to be paid in line with the proposal.

“MIXI Australia notes that Betr believes there is scope for ‘potential synergy realisation’ through collaboration with a MIXI-controlled PointsBet,” MIXI said. “We do not intend to engage in any such collaboration with Betr.”

PointsBet’s board has consistently backed MIXI during the bidding war, recommending shareholders in August support its cash offer of AU$1.25 ($0.81) per share, rising to $1.30 if MIXI secures more than 90% of the stock. That outcome is unlikely as Betr holds 19.9% and has refused to tender its shares.

Betr had tabled multiple offers throughout the year, the latest an all-share deal worth $1.40 per share. On Aug. 22, PointsBet urged shareholders to reject that bid in favour of MIXI’s.

Betr Executive Chairman Matthew Tripp told investors on Aug. 28 that his group’s proposal was “superior” in value.