Betr Entertainment says it is “highly confident” that its takeover offer for PointsBet remains “clearly superior” to Mixi’s – and questioned whether PointsBet has been acting in good faith in due diligence talks.
Mixi and betr have both made two offers for the Australian operator, and on Monday, PointsBet said it has ceased talks with betr and recommended shareholders back Mixi’s offer.
Mixi’s offer is to acquire all PointsBet shares in a scheme of arrangement for AU$1.20 per share. PointsBet said it tracked the value of betr’s offer and concluded that, as the share price changed day by day, the proposal varied in value from between $1.04 per share and $1.14 – but has never exceeded $1.20.
In its latest statement, betr insisted that its proposal will deliver $1.33 per share.
“Prior to the scheme vote on the Mixi proposal, which is slated for next Wednesday, June 25, 2025, betr is highly confident of providing PointsBet with confirmation that the betr proposal is fully funded, including by way of a committed $120m acquisition facility from National Australia Bank and confirmation from a Big Four accounting advisor of betr’s synergy pool, in excess of $40m,” the company said.
“At all times during the due diligence period betr has sought to proactively and constructively engage with PointsBet to allow for the betr proposal to be put to PointsBet shareholders.
“However, given the above, yesterday’s announcement raises questions as to whether PointsBet has acted constructively and in good faith to fully understand the benefits of the betr proposal for its shareholders.”
Betr, which has become PointsBet’s largest shareholder as part of its efforts to win the takeover battle, said it will vote against Mixi’s offer.
It added that, based on “unsolicited interactions,” it believes several other PointsBet shareholders have indicated “significant support” for betr’s proposal - “and we consider it likely that the Mixi proposal will fail.”
