Betr boosts PointsBet offer despite MIXI resistance

Betr Entertainment Limited has increased its off-market takeover offer for PointsBet Holdings, raising the offer consideration ratio from 4.219 to 4.375 Betr Shares for every PointsBet Share. This revised offer, announced on August 27, 2025, implies a value of A$1.40 per PointsBet Share based on Betr’s recent A$0.32 capital raise price, and A$1.20 based on Betr's September 3, 2025 closing price of A$0.275.

Concurrently, Betr has expanded its selective buy-back pool from at least A$80 million to A$90 million, funded by existing cash reserves (A$80 million) and a A$10 million unsecured loan facility from YAST Investments Pty Ltd. The maximum number of Betr Shares capable of being bought back under this increased pool is 281,250,000 at a price of A$0.32 per share.

MIXI Australia Pty Ltd, which holds a 51.59% voting interest in PointsBet and 179,316,820 PointsBet Shares, has confirmed it will not accept Betr's offer or any subsequent improvements. This commitment limits Betr's maximum potential acquisition to approximately 48.41% of PointsBet's voting power, impacting expected synergy realization. The Selective Buy-Back is considered "NOT FAIR BUT REASONABLE" to Non-Participating Shareholders by Grant Thornton Corporate Finance, citing a marginal divergence from its assessed valuation range.