Betr Asks Takeovers Panel to Restrain MIXI’s Latest PointsBet Acquisition Proposal

Betr has once again struck back against MIXI in an attempt to block its takeover of PointsBet. The two companies continue to clash over the Australian and Canadian sportsbook, with each adopting a different tactic in the negotiations.

Betr Is Looking to Outbid MIXI

Betr Entertainment and MIXI Australia have been courting PointsBet for several months now. The two suitors have been gradually raising the stakes, with neither seeming willing to back down.

Betr’s tactic so far has been focused on all-scrip offers and promises of significant value-generating synergies. Although its agreement offers a higher value per share, it is also conditional and dependent on a variety of factors. Betr, which has a 19.9% stake in PointsBet, previously leveraged its shareholding to block an earlier proposal by rival suitor MIXI.

Conversely, MIXI Australia has adopted an all-cash approach to the negotiations, with its latest offer dropping all conditions. In addition to that, the Australian arm of the Japanese tech giant has secured a 28.27% stake in PointsBet to give it further leverage.

MIXI Is Allegedly Exploiting the Timing of Betr’s Restrained Offer

While PointsBet considered an earlier Betr proposal, it has largely rejected the latter company’s over-optimistic synergy projections and conditional deal. The sports betting company’s directors have therefore encouraged shareholders to approve the latest MIXI deal, which raised the stakes, offering AUD 1.25 in cash for each PointsBet share. This price notably represents a 44.6% premium to the price of PointsBet prior to the speculation surrounding the takeover offer.

Betr, however, has swooped in with an application to the Australian Government’s Takeovers Panel. The panel, which delayed Betr’s latest deal, was asked to do the same with MIXI’s recent proposal.

Betr asserted that MIXI was taking advantage of the fact that Betr’s offer had been restrained to get its own offer approved.

MIXI is seeking to exploit the procedural consequences of ongoing Takeovers Panel proceedings to enhance and potentially secure its control of PointsBet before the betr Offer is sent to PointsBet shareholders and open for acceptances.

Betr statement

Betr hopes to restrain the MIXI offer at least until its own offer has been released by the Takeovers Panel. Betr said that PointsBet shareholders should be given sufficient time to consider both deals and make informed decisions.

As of the time of this writing, the Takeovers Panel has yet to respond to Betr’s latest request.