• PointsBet’s Board of Directors has voted favorably in MIXI’s takeover bid, turning down Betr
• Betr’s bid was rejected because the offer was deemed inferior to MIXI’s
• Another issue that cropped up was the potential cannibalization of the market between PointsBet and Betr

PointsBet’s Board of Directors has unanimously rejected the takeover proposal put forward by rival company Betr and has doubled down on the rival bid from MIXI and MIXI Australia, which offers greater value.

Betr out, MIXI wins the bidding race for PointsBet

MIXI is looking to further expand its positions in the Australian sports betting market, and the acquisition of PointsBet is a step in that direction, especially since the company has now received another regulatory approval, with final details still to be hammered out.

"Under the terms of the BID, MIXI Australia will announce its intention to make the MIXI Takeover Offer within 3 business days of the Scheme Meeting, if the resolution to approve the MIXI Scheme is not passed by the requisite majorities of PointsBet shareholders," a statement by the company read.

Commenting on the Betr proposal, the company said that all discussions with the company have now ceased. The company said that its Board was confident that the Betr proposal was not a " Superior Proposal" relative to the MIXI Scheme.

Betr was offering to buy out about 80.1% compared to MIXI’s outright 100% takeover proposal, which also comes with a higher upfront amount – around AU$360m. However, Betr already owns 19.1% of the shares in the target company.

Accepting the Betr proposal would have risked scaling back the original PointsBet shareholders, which was also a contributing factor in deciding against the bid in the end.

Another risk factor that the Board was hesitant about was the overlap in customer bases that Betr and PointsBet may experience, because they are effectively vying for the same customers.

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