Betr Entertainment has intensified its pursuit of PointsBet Holdings, unveiling a revised all-share offer that values the bookmaker at up to AU$1.89 per share. The new proposal, announced on July 16, reignites the battle with rival suitor MIXI Inc. and MIXI Australia Pty Ltd, whose cash offer was narrowly approved by PointsBet shareholders in June but fell short of the required threshold for completion.

Betr positions offer as superior to MIXI bid:

As stated in Betr’s ASX Announcement (pdf), the fresh offer proposes an exchange ratio of 3.81 Betr shares for every one PointsBet share. Based on Betr’s internal valuation using a AU$0.32 share price—the same figure from its AU$130 million equity raise in May—the bid equates to AU$1.22 per PointsBet share. When incorporating projected cost synergies of AU$44.9 million, Betr claims the total potential value could reach AU$1.89 per share.

Although MIXI’s proposal offered AU$1.20 in cash per share, Betr argues its deal offers more upside, both immediate and long-term. The operator emphasized the AU$44.9 million in expected annual cost savings, which it estimates could add up to AU$0.67 in value per PointsBet share, assuming full realization and a 10x multiple applied to the savings.

“This is just the start of the value creation journey we envisage for Betr and PointsBet shareholders for the combined business,” the company said, highlighting the advantages of scale, long-term institutional investment appeal, and potential for inclusion in the S&P/ASX 300 index.

Betr also noted the offer’s strategic value, branding the merged entity as Australia’s only ASX-listed pure-play digital wagering operator, uniquely positioned in a consolidating market.

The offer is structured as an off-market takeover with no minimum acceptance condition. However, it is contingent on shareholder approval under ASX Listing Rule 7.1. Betr said the bid will officially open on 31 July 2025 and is expected to close on 8 September 2025, though these dates may change.

The proposal was formally detailed in a Bidder’s Statement lodged with the Australian Securities and Investments Commission (ASIC) and will be distributed to PointsBet shareholders on or around 31 July.

While Betr has not ruled out enhancing its bid further, the company said it will continue to monitor developments and update the market as required.

Shareholder dispute and recount clears path for new bid:

Betr’s latest proposal follows a turbulent shareholder vote in June that initially appeared to greenlight MIXI’s AU$402 million cash offer. Although the resolution received 95.69% approval, questions emerged when Betr—then holding 19.9% voting power—claimed its proxy vote had been excluded without explanation.

A subsequent investigation revealed a system error, and a recount showed MIXI’s offer had only secured 70.48% of the vote—falling short of the threshold needed for approval.

Since then, MIXI has gained regulatory clearance in Ontario, where PointsBet also operates, and has returned with a renewed offer. MIXI’s revised proposal still maintains a cash valuation and requires at least 50.1% shareholder acceptance along with remaining regulatory approvals.

PointsBet’s board has so far backed MIXI’s offer, citing concerns over the liquidity and valuation metrics of Betr’s shares. Earlier versions of Betr’s bid had been rejected for being “materially” inferior, with the board raising doubts about funding assurances and synergy calculations.

Still, Betr has maintained that its approach reflects greater long-term value, driven by operational scale, management track record, and a strong digital wagering focus.

PointsBet has yet to comment on the latest offer, and it remains to be seen whether shareholders will be swayed by the updated proposal or stand by the board’s existing recommendation in favor of MIXI.