Betr Entertainment submits plea to Takeovers Panel over PointsBet bid
ASX-listed sportsbook operator Betr Entertainment has submitted an application to the Australian Government Takeovers Panel regarding Japanese entertainment group Mixi’s increased offer to acquire PointsBet.
Both Betr and Mixi are competing to take over sportsbook rival PointsBet, with Betr increasing its initial offer on 30 July to 4.219 of its shares for every PointsBet share, valuing the offer at AU$1.35 (US$1)1 AUD = 0.6514 USD
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A day later PointsBet rejected the bid, citing that Betr’s offer did not address the operator’s previous concerns regarding Betr’s business model, customer base, and synergy benefits.
After the offer was rejected, PointsBet continued to recommend Mixi’s offer to shareholders, while referring Betr to the Takeovers Panel after finding Betr’s bids misleading.
According to a release provided by the Takeovers Panel, Betr argued that Mixi’s updated offer on 8 August, which saw the Japanese group update its cash offer from AU$1.20 (US$1)1 AUD = 0.6514 USD
2025-08-11Powered by CMG CurrenShift per PointsBet share to AU$1.25, (US$1)1 AUD = 0.6514 USD
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The statement said, “Mixi is seeking to exploit the procedural consequences of ongoing Takeovers Panel proceedings (being a delay in the dispatch of Betr’s replacement bidder’s statement and the opening of the Betr offer) to enhance and potentially secure its control of PointsBet before the Betr offer is sent to PointsBet shareholders and open for acceptances.”
Betr is now asking Mixi to stop processing acceptances of its offer until the panel resolves Betr’s own offers.
The group has also requested that Mixi extends its offer’s closing date to allow shareholders to consider both offers, makes its confidentiality deed with PointsBet public, and offers withdrawal rights to accepting shareholders.
The panel has not yet made a decision on Betr’s application.
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Charlotte Capewell brings her passion for storytelling and expertise in writing, researching, and the gambling industry to every article she writes. Her specialties include the US gambling industry, regulator legislation, igaming, and more.
