PointsBet is reportedly on the verge of accepting a takeover bid from MIXI Australia, which will see 100% of the operator’s shareholding go to the Japanese digital entertainment and sports group.
The Australian arm – part of MIXI Inc – will, if the deal goes through, give PointsBet shareholders cash consideration of $1.06 per share, which represents a significant premium of 27.7% to the brand’s closing price on 25 February. This amounts to around AU$353m.
Meanwhile, PointsBet remains at the centre of a bidding war, with betting firm BlueBet putting in its own acquisition proposal.
Currently in the midst of a global expansion, BlueBet merged with Betr in April last year and recently bought Queensland operator TopSport.
With its eyes now on PointsBet, BlueBet commented that its offer is “highly attractive for PointsBet shareholders”, with the company remaining ‘committed’ to progressing its proposal further.
The offer is valued at over $360m, with a cash pool of up to $260m, a scrip consideration of up to $120m, and up to $40m in annual synergies to PointsBet shareholders.
However, in PointsBet’s recent half-year financial earnings statement, it appeared as if the company is leaning towards a potential takeover by MIXI.
“The PointsBet Board unanimously recommended that PointsBet shareholders vote in favour of the Scheme, in the absence of a superior proposal and subject to an Independent Expert concluding (and continuing to conclude) that the Scheme is in the best interests of PointsBet shareholders,” the statement read.
If PointsBet chooses MIXI over BlueBet. It is expected that the takeover will be approved with a final vote in late May, with the arrangements being implemented sometime in June.
Last year, PointsBet published its full 2024 financial year report which highlighted a 17% year-on-year increase in revenues. This followed the $225m sale of PointsBet’s US business to Fanatics Betting and Gaming last year.
After a 10-month process, this allowed the company to distribute AU$442.4m to shareholders.
