PointsBet Says Betr Acquisition Bid “Superior”, Putting Canadian Operation in Play
Posted on: May 12, 2025, 03:24h.
Last updated on: May 12, 2025, 04:03h.
PointsBet’s sale of its Canadian operation to Hard Rock Digital seems one step closer to reality today.
Betr Proposal “Superior”
In a statement released this morning, the PointsBet board says it now views that a takeover bid by Betr Entertainment Ltd. “could reasonably be expected to lead to a Superior Proposal” over a competing one submitted by Japanese Entertainment company MIXI Inc.
The company has now proposed that a mutual due diligence should be undertaken with Betr.
As is customary, this due diligence will be phased. PointBet’s initial focus will be on the value of synergies and Betr scrip, as the implied value of the Proposal for shareholders is heavily dependent on these two elements given that the Proposal contemplates a 57% cash/43% scrip funding mix,” the company said in a statement.
Due Diligence Period Ahead
In Australia, a scrip typically refers to shares or stock issued by a company instead of cash.
While this morning’s statement seems to give Betr an edge, the board’s position on MIXI’s bid remains unchanged.
The PointsBet Board remains committed to, and unanimously recommends, that PointsBet shareholders vote in favour of the MIXI scheme, in the absence of a Superior Proposal and subject to the Independent Expert continuing to conclude that the MIXI Scheme is in the best interests of PointsBet shareholders.”
Betr currently owns 19.9% of PointsBet, making it the company’s largest shareholder. BlueBet Holdings and Betr merged in July 2024, with BlueBet adopting the Betr brand.
Deal in Place to Sell PointsBet Canada
PointsBet’s board issued a statement in February indicating they were accepting a MIXI takeover bid. The board was concerned that Betr’s bid was more contingent on raising debt.
Reporting last week said Betr had improved its bid from February – now a total of AU $360 million (USD $229.2 million), a combination of cash and shares. MIXI proposed a takeover bid of AU $350 million in April.
Part of that new bid from Betr involves selling off PointsBet Canada, with Hard Rock being the buyer. A news release from Betr April 29 said they had a “non-binding proposal from Seminole Hard Rock Digital, LLC to acquire certain assets which relate to PointsBet’s Canadian operation, subject to various conditions precedent.” Hard Rock would pay Betr USD $29.6 million for PointsBet Canada if the Betr deal in Australia goes through.
An industry source with Hard Rock connections told Casino.org last week that Hard Rock has applied for an igaming licence with the Alcohol and Gaming Commission of Ontario.
The AGCO to Casino.org in an email today: “The AGCO can confirm that we have not received an application for registration at this time from Hard Rock Digital.”
When contacted by Casino.org, a spokesperson for PointsBet Canada said the company had no comment.
Last Comment ( 1 )
Betr’s $360 million bid for PointsBet is a game-changer, positioning them as a top contender in the Australian betting scene