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Read Full BioBetr Entertainment Limited has submitted an improved takeover bid for PointsBet Holdings Limited.
Betr already owns 19.9% of PointsBet’s stock and is looking to acquire the remaining shares through a Scheme of Arrangement transaction.
The proposal’s estimated value is AU$360 million, of which AU$260 million would be paid in cash. The remaining AU$100 million would be paid in Betr shares. Betr has claimed that the amended offer delivers significant shareholder value and provides annual synergies of over AU$40 million. The company estimates it could produce a valuation of AU$1.33 per share to existing shareholders, larger than the competing bid tabled.
How Betr Plans to Finance the PointsBet Takeover
Betr has arranged acquisition finance facilities with the National Australia Bank totaling AU$120 million. These facilities, along with pre-committed equity investments and asset sales, will help finance the proposed acquisition.
The company also plans to divest the Canadian PointsBet business. It has entered into a conditional agreement to sell to Hard Rock Digital for AU$29.6 million, reducing the equity capital requirement to approximately AU$120 million. The sale is pending Hard Rock board approval and is conditional on Betr’s acquisition of PointsBet.
Betr, PointsBet’s largest shareholder, plans to vote against a MIXI bid, confident that its proposal is superior. The company believes its acquisition would “create a materially scaled player ” and “offer a significant synergy participation opportunity to PointsBet shareholders.”
In an interview, Betr Chairman Matt Tripp stated that he is confident that this would reduce the likelihood of the MIXI proposal being accepted, as shareholders would recognise the benefits of Betr’s plan.
Betr CEO, Andrew Menz, also commented, saying: “The transaction provides a clear pathway for Betr to become the clear number four wagering player in the Australian market, within the 10-15%% market share “sweet spot”. To support this goal, we have completed a detailed bottom-up build of the synergy potential and expect a prize of AU$40m in annual cost synergies within the first full year of ownership.”
MIXI Still the Board’s Choice
MIXI Australia’s proposal was released in February 2025 and approved by the PointsBet board shortly after. At the time, it was seen as superior to another submitted by BlueBet.
Despite Betr’s confidence in its proposal, the PointsBet board continues to support the bid from Japanese company MIXI.
However, Betr remains confident that its acquisition plan would ultimately be a better option for the shareholders.
In April 2024, Fanatics Betting and Gaming closed its PointsBet US business acquisition. At the time, PointsBet confirmed the receipt of the final instalment of the headline purchase price of US$225 million.
