MIXI Australia submits ‘Best and Final’ improved bid in PointsBet takeover saga

By increasing its takeover offer to AUD 1.25 (£0.61) per PointsBet share, MIXI Australia has upped the ante in the ongoing competition to acquire PointsBet Holdings.

Importantly, MIXI has eliminated all lingering conditions from its offer, making this most recent bid its ‘best and final’ offer.

By taking this action, MIXI shows that it is determined to complete the deal, which is currently valued at up to AUD 419m (~£203m) based on outstanding shares.

In addition to the increased bid, MIXI Australia has stated that the offer is unconditional, which means that all prior requirements related to the takeover have been removed.

Now that the offer is unconditional, shareholders can approve the deal with the assurance that no unforeseen legal or contractual obstacles will arise.

According to the most recent information, MIXI Australia will pay the shareholders who accept these terms by August 29th or within 10 days of accepting.

The offer remains open until August 25th, and MIXI still currently holds a 28.2% stake in PointsBet.

MIXI Australia confirmed the increase in the offer price from AUD 1.20 (£0.58) to AUD 1.25 (£0.61) per share and declared the bid unconditional in an official notice filed under Australia’s Corporations Act.

All PointsBet shareholders, including those who have already accepted the prior offer, are affected by this change. If MIXI signals its intention to solidify control by acquiring more than 50% ownership, it retains the right to raise the offer.

With the board of PointsBet recommending that MIXI’s improved offer be accepted, shareholders have good reason to think about the deal.

If fully accepted, the offer’s total potential payout, which is entirely supported by MIXI Australia’s cash reserves, is AUD 419m (£203m).

In order to strengthen its position and provide market certainty, MIXI Australia is accelerating the takeover process with this action.

This bid is a prime example of the ongoing trend of betting industry consolidation as international firms look to increase their market share and establish a stronger presence in the profitable Australian betting market.