MIXI increases bid for Pointsbet to over $420 million

MIXI has lifted its takeover bid for PointsBet to $1.25 per share, valuing the ASX-listed wagering operator at more than $420 million, as it works to fend off rival interest from betr.

The takeover contest for PointsBet has stretched over nearly six months, intensifying in recent weeks after betr tabled an all-scrip proposal it claimed was worth $1.35 per share.

PointsBet’s board swiftly rejected that offer, as it has done with all previous approaches from betr, while MIXI has steadily increased its stake to 28.2 per cent of the company.

Under the revised proposal, MIXI’s bid amounts to a maximum of $421 million, is fully funded, and does not rely on external financing.

The offer is now unconditional, with MIXI removing the 50.1 per cent minimum acceptance requirement, and committing to pay by August 29 or four days after the bid closes.

MIXI has declared this its “best and final” offer, although it reserves the right to increase the bid should it secure more than half of PointsBet’s shares.

The market reacted quickly to the announcement, with PointsBet shares rising from $1.22 to as high as $1.27 on Friday before easing to $1.26.

Following the increased bid, PointsBet’s board issued a statement supporting MIXI’s latest proposal and unanimously recommended shareholders accept the offer.