Betr ups takeover offer for Pointsbet as bidding war with MIXI continues

Betr’s aspirations to secure a 10 per cent slice of the Australian wagering market remain alive, with the betting company reigniting its bid to acquire rival operator PointsBet.

In a bold move on Friday, Betr lodged an all-scrip, off-market offer to take over PointsBet, claiming its proposal represents superior value compared to the current $400 million offer from Japanese-owned MIXI.

The PointsBet board had earlier rejected a previous offer from Betr, backing the MIXI bid of $1.20 per share and casting doubt over the purported synergies and benefits Betr claimed its deal would deliver.

However, with shareholders due to vote on the MIXI proposal next Wednesday, Betr – led by Matt Tripp and Andrew Menz – has returned fire. Their revised deal reportedly provides $1.22 in value per share and includes an $80 million share buy-back component.

Tripp has also penned an open letter to PointsBet investors – with Betr already holding a 19.9 per cent stake in the company – encouraging them to reject the MIXI takeover.

“Based on the comprehensive value assessment and for all the reasons outlined above, we intend to vote our entire 19.9 per cent holding against the MIXI Proposal at the upcoming scheme meeting,” Tripp wrote.

“We strongly encourage all PointsBet shareholders to do the same.

“The current all-cash offer fails to reflect the true value and potential of your investment. Shareholders are under no obligation to follow the PointsBet board’s recommendation.”

Despite Betr’s claims, PointsBet responded on Friday afternoon by stating that the implied value of the new offer stands at just $1.086 per share, still below the $1.20 proposed by MIXI.

As a result of the developments, both Betr and PointsBet paused trading on Friday as discussions and assessments continue behind closed doors.

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