MIXI Raises Offer in Bid to Acquire PointsBet

MIXI Increases Acquisition Offer

PointsBet confirmed it received an improved offer from MIXI through its Australian subsidiary. MIXI raised its cash bid from $1.06 to $1.20 per share, a 13.2% increase.

The new offer represents a 44.6% premium over PointsBet’s closing price of $0.83 on 25 February 2025. It also stands 40.3% above the one-month volume-weighted average price of $0.86. Compared to the Independent Expert’s valuation range of $0.96 to $1.11, the offer adds $0.09 to $0.24 per share.

The revised proposal values PointsBet at $402 million, increasing shareholder value by $49 million. MIXI’s offer suggests an EV/EBITDA multiple of 28.7 to 36.6, based on FY25 guidance of $11–14 million in EBITDA.

The parties signed a Deed of Variation to formalize changes to the original agreement from February 2025.

MIXI Explores Alternative Route

If shareholders reject the updated scheme, MIXI may pursue an off-market takeover. The company outlined this option in a letter to PointsBet. The takeover would still offer $1.20 per share, with a 50.1% minimum acceptance condition.

This route would require both parties to sign a Bid Implementation Deed. MIXI stressed that it has not yet committed to this alternative. Final terms remain under review.

The improved bid follows a recent proposal from Betr, which PointsBet had described as superior at the time. Interest from multiple bidders highlights PointsBet’s strategic value as the betting market continues to shift.

Shareholders are set to vote on the revised scheme at the upcoming meeting.