The prolonged and complex acquisition saga for Australian operator PointsBet has reached a critical juncture, as Mixi Japan has tabled what it describes as its “best and final” offer.
Mixi has presented an unconditional cash offer to acquire the business for AU1.25(US0.82) per share, a move that has immediately secured the full backing of the PointsBet board.
In a decisive statement, the company announced that its Directors have unanimously recommended the offer to shareholders and have accepted it for their own personal holdings.
This latest development places significant pressure on rival bidder Betr and positions Mixi as the clear frontrunner to complete the takeover.
According to the terms of the proposal, Mixi, which currently holds a 28.2% stake in PointsBet, reserves the right to increase its offer price if it manages to secure more than 50% of the company’s shares.
Crucially, any such increase would be extended to all shareholders who accepted the initial AU$1.25 deal, providing an incentive for early acceptance.
The offer’s strength is further bolstered by the fact that Mixi has already received Commonwealth approval for the transaction, clearing a major regulatory hurdle.
The move comes amid an intense bidding war that has seen numerous twists. Recently, Betr increased its all-scrip proposal to AU$1.35 per share.
Despite the higher nominal value, the PointsBet board rejected this offer, signaling a preference for the certainty and structure of Mixi’s unconditional cash deal.
While Betr, the first suitor to express interest in acquiring the brand, remains confident in its proposal, the unanimous recommendation from the PointsBet board gives Mixi Japan a powerful advantage.
With the backing of the board and key regulatory approval secured, the fate of PointsBet now appears to rest with its broader shareholder base.
The focus will be on whether Mixi can accumulate the necessary support to surpass the 50% ownership threshold and bring this long-running corporate battle to a conclusion.
This latest offer marks the 33rd explicit update to the PointsBet investor page since the saga began in April, highlighting the intensity of the fight for the Australian operator.
