Mixi secures majority stake in PointsBet after takeover bid

Mixi Australia, a wholly owned subsidiary of Japan-based Mixi, has increased its stake in PointsBet Holdings Limited to 66.43% following the close of its off-market takeover bid.

The company acquired an additional 16.8 million shares, up from 61.59%, through on-market purchases and acceptances under the terms of its July bidder's statement.

Settlement of acquisitions made between 10 and 12 September will be completed on a T+2 basis.

Earlier in September, Mixi had already secured a controlling interest of 51.9% after extending its AU$1.25 (US$0.83) cash offer until 19:00 Melbourne time on 12 September.

Around the same period, rival operator Betr submitted a conditional scrip-based offer, proposing 4.375 Betr shares for each PointsBet share and including a potential selective buy-back.

An independent expert's supplementary report concluded that while the selective buy-back was not considered fair to Betr shareholders, it was reasonable, and reaffirmed that Mixi's cash offer provided greater certainty.

For context, in mid-August, Betr formally opened its off-market, all-scrip takeover offer for all PointsBet shares it did not already own. Lodged with the Australian Securities and Investments Commission (ASIC) and the Australian Securities Exchange (ASX), the offer entitled PointsBet shareholders to receive 4.219 Betr shares for each PointsBet share held.

Based on recent trading and Betr's AU$130m ($84.9m) capital raise, this valued PointsBet at between AU$1.25 and AU$1.35 per share. The Betr board unanimously recommended the deal, noting that full ownership could deliver cost savings of up to AU$44.9m annually.

The offer was scheduled to close on 22 September 2025 unless extended or withdrawn.

PointsBet's board had previously recommended Mixi's cash proposal over Betr's all-scrip bid, citing the financial and strategic advantages.

With more than two-thirds of voting power now controlled by Mixi, the company is positioned to lead PointsBet's governance and strategic decisions, effectively concluding the takeover contest that has shaped the company's trajectory throughout 2025.