The Board has emphasised that shareholders are not required to take any action at this stage, adding that further updates will be issued as discussions progress.
PointsBet has issued a statement in response to a proposal from Betr to acquire the company, confirming that the offer is now under serious consideration.
In its memo, the PointsBet Board stated that “with the assistance of external advisers, [PointsBet] has considered the proposal and determined that it could reasonably be expected to lead to a ‘Superior Proposal’” when compared to the current offer on the table from Mixi.
As a result, PointsBet has suggested that mutual due diligence take place between the two parties to further evaluate the viability of Betr’s approach. This process will initially centre on the “value of synergies and Betr scrip,” with the proposal featuring a 57% cash and 43% scrip split.
The Board has emphasised that shareholders are not required to take any action at this stage, adding that further updates will be issued as discussions progress.
The development comes as PointsBet continues to focus on its operations in Australia following its withdrawal from the US market—likely a factor behind the interest from both Mixi Australia and Betr.
Despite considering the new approach, the Board reiterated its current position: it “remains committed to, and unanimously recommends, that PointsBet shareholders vote in favour of the Mixi Scheme, in the absence of a Superior Proposal and subject to the Independent Expert continuing to conclude that the Mixi Scheme is in the best interests of the PointsBet shareholders.”
Mixi first announced its AU$353 million (US$223.2 million) proposal in February, signalling its ambitions to enter and expand within the Australian betting market.