Betr Ups PointsBet Takeover Bid to AU$1.22 Per Share with AU$44.9M Synergies
Betr’s back in the ring with a beefed-up, all-share offer to buy PointsBet, valuing it at AU$1.22 per share and touting AU$44.9 million in yearly cost savings that could push the deal’s worth to AU$1.89 per share. This one-ups MIXI’s AU$1.20 cash bid, which stumbled after a botched shareholder vote in June. PointsBet’s board, though, is still Team MIXI.
What’s Betr Offering?
Betr’s deal gives PointsBet shareholders 3.81 Betr shares per PointsBet share, pegged at AU$1.22 based on Betr’s AU$0.32 share price. Add in AU$44.9 million in projected annual synergies, worth up to AU$0.67 per share, and Betr claims a total potential value of AU$1.89 per share, blowing past MIXI’s cash offer.
Betr’s pitch: PointsBet investors get a stake in a bigger, stronger company with serious growth potential. The offer opens July 31 and closes September 8, 2025, needing only Betr shareholder approval. Betr’s Matt Tripp said, “This is just the start of the value creation journey,” pointing to scale, institutional appeal, and a shot at the S&P/ASX 300.
Why MIXI’s Deal Hit a Wall
Betr’s earlier AU$1.22-per-share offer got shot down by PointsBet’s board in May, who called it “materially lower” than MIXI’s AU$1.20 cash bid, worth AU$402 million.
PointsBet doubted Betr’s funding and synergy claims, plus its shares’ liquidity. MIXI’s bid seemed set to win until a June vote revealed a system glitch that ignored Betr’s 19.9% stake, dropping approval to 70.48%, short of the needed 75%.
That fumble gave Betr room to swing again with this enhanced bid, now leaning hard on synergies and a AU$1 billion combined market cap.
Betr, born from a 2024 BlueBet merger, sees itself as Australia’s next betting powerhouse. With a AU$130 million cash boost, including AU$120 million from National Australia Bank, it’s pitching a merger that could dominate digital wagering.
Tripp bragged, “We’re the team behind Sportsbet and BetEasy,” banking on their track record. But PointsBet’s board isn’t sold, sticking with MIXI’s cash for its certainty.
They’ve questioned Betr’s synergy math and the hassle of untangling PointsBet’s Canadian arm. A PointsBet statement explaining their MIXI loyalty is due soon.
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