Betr ups its takeover price for Pointsbet

Betr has released the full details of its all-scrip, off-market bid for PointsBet, reiterating its stance that the proposal surpasses the rival offer made by Japanese company MIXI.

On Wednesday, Betr lodged its official bidder’s statement, confirming its intentions to acquire the 80.4 per cent of PointsBet shares it does not already hold.

The bid values PointsBet shares at $1.22 each, slightly higher than the $1.20 per share valuation under MIXI’s $400 million all-cash offer.

“The merger of well-known wagering platforms like PointsBet and Betr reflects a model our team has successfully executed many times over the past two and a half decades,” said Betr chairman Matt Tripp.

“We’ve been behind some of Australia’s most prominent wagering companies, including Sportsbet, Sportingbet, BetEasy and CrownBet, guiding them through growth and successful exits.”

Tripp expressed confidence that the consolidation of PointsBet and Betr would establish a strong, profitable business in a competitive market.

“We believe this deal will generate significant value for all PointsBet shareholders,” he said. “As the company’s largest stakeholder, with a 19.6 per cent holding, we are committed to long-term value creation.”

The PointsBet board previously turned down earlier proposals from Betr, opting instead to present MIXI’s offer to shareholders via a scheme meeting. However, that vote ultimately failed to achieve the required 75 per cent support threshold.