Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 29th August, <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi (2121 JP)</a> cleared 50% of the voting power in <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet (PBH AU)</a>. It's Offer was automatically extended, and will now close on the 12th September.</li>
<li>Mixi has<a href="https://announcements.asx.com.au/asxpdf/20250901/pdf/06nng6490cr313.pdf" target="_blank" rel="noopener"> 51.59%</a>. <a href="https://www.smartkarma.com/entities/betr-entertainment-limited" target="_blank" data-smartkarma-citation="entities:41181:1" rel="noopener">betr Entertainment (BBT AU)</a> said it holds <a href="https://announcements.asx.com.au/asxpdf/20250901/pdf/06nnh6kwgmrbrg.pdf" target="_blank" rel="noopener">20.45%</a>, plus 6.5% in the IAF, the instructions for which can be withdrawn. betr said it won't accept Mixi's Offer.</li>
<li>Mixi adds betr will have no PBH board representation "either now or in the future"; and betr will continue to be a clear competitor. Additionally, PBH questions betr's buyback funding,</li>
</ul>


On the 29th August, Mixi (2121 JP) cleared 50% of the voting power in PointsBet (PBH AU). It's Offer was automatically extended, and will now close on the 12th September.
Mixi has 51.59%. betr Entertainment (BBT AU) said it holds 20.45%, plus 6.5% in the IAF, the instructions for which can be withdrawn. betr said it won't accept Mixi's Offer.
Mixi adds betr will have no PBH board representation "either now or in the future"; and betr will continue to be a clear competitor. Additionally, PBH questions betr's buyback funding,


PointsBet (PBH AU) And Mixi Double Down Ahead Of Offer Closing

<ul>
<li>
<a href="https://www.smartkarma.com/entities/Betr-entertainment-limited" target="_blank" data-smartkarma-citation="entities:41181:1" rel="noopener">Betr Entertainment (BBT AU)</a> has bumped scrip terms to 4.375 betr shares per <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a> share, equivalent to A$1.31/share, based on betr's last traded price. </li>
<li>True to form with betr, there's a typo in its latest announcement stating a 4.735 ratio. betr just issued a Bidder's Statement with the correct info.</li>
<li>
Apologies: in my last note I mentioned <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a> had bumped to A$1.30/share. However, that was predicated on Mixi securing 90%, which won't happen if betr doesn't tender.</li>
</ul>



Betr Entertainment (BBT AU) has bumped scrip terms to 4.375 betr shares per PointsBet Holdings (PBH AU) share, equivalent to A$1.31/share, based on betr's last traded price. 
True to form with betr, there's a typo in its latest announcement stating a 4.735 ratio. betr just issued a Bidder's Statement with the correct info.

Apologies: in my last note I mentioned Mixi Inc (2121 JP) had bumped to A$1.30/share. However, that was predicated on Mixi securing 90%, which won't happen if betr doesn't tender.


PointsBet (PBH AU): Betr's Dyslexic Bump. Mixi's Now Holding 42.38%

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/betr-entertainment-limited" target="_blank" data-smartkarma-citation="entities:41181:1" rel="noopener">BETR Entertainment (BBT AU)</a> has disclosed revised terms but has failed to check its work. The announcement has two revised scrip ratios - 4.735 (in bold) and 4.375. </li>
<li>To match the stated <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a> offer value, the scrip ratio should be 4.375. The revised terms suggest that Betr is struggling to secure acceptances. </li>
<li>The key issue remains that Betr will be unable to exercise compulsory acquisition rights to realise its stated synergies, a key pitch for shareholders to favour its all-scrip offer.</li>
</ul>



BETR Entertainment (BBT AU) has disclosed revised terms but has failed to check its work. The announcement has two revised scrip ratios - 4.735 (in bold) and 4.375. 
To match the stated PointsBet Holdings (PBH AU) offer value, the scrip ratio should be 4.375. The revised terms suggest that Betr is struggling to secure acceptances. 
The key issue remains that Betr will be unable to exercise compulsory acquisition rights to realise its stated synergies, a key pitch for shareholders to favour its all-scrip offer.


PointsBet (PBH AU): Betr Bumps a Second Time but Fails to Check Its Work

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a> disclosed its final <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a> offer. The base unconditional offer remains A$1.25 but will be increased to A$1.30 if it acquires a 90% stake. </li>
<li>Mixi’s final offer is designed to put maximum pressure on <a href="https://www.smartkarma.com/entities/betr-entertainment-limited" target="_blank" data-smartkarma-citation="entities:41181:1" rel="noopener">BETR Entertainment (BBT AU)</a> to fold. Mixi would not satisfy the 90% threshold unless Betr accepts its offer.</li>
<li>Betr has three options: to improve its offer, accept Mixi’s offer, or maintain terms. The last option, which results in a significant stake in a competitor, makes strategic sense.</li>
</ul>



Mixi Inc (2121 JP) disclosed its final PointsBet Holdings (PBH AU) offer. The base unconditional offer remains A$1.25 but will be increased to A$1.30 if it acquires a 90% stake. 
Mixi’s final offer is designed to put maximum pressure on BETR Entertainment (BBT AU) to fold. Mixi would not satisfy the 90% threshold unless Betr accepts its offer.
Betr has three options: to improve its offer, accept Mixi’s offer, or maintain terms. The last option, which results in a significant stake in a competitor, makes strategic sense.


PointsBet (PBH AU): Mixi Attempts to Call Betr’s Bluff with a Final Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a> has bumped its Offer to A$1.30/share, up from A$1.25/share; and declared terms final. Mixi currently holds 37.12% of shares out. </li>
<li>Separately, <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a> released its Target Statement as it relates <a href="https://www.smartkarma.com/entities/betr-entertainment-limited" target="_blank" data-smartkarma-citation="entities:41181:1" rel="noopener">betr Entertainment (BBT AU)</a>'s all-scrip Offer, with a definitive "Reject".</li>
<li>Mixi's Offer is open to the 29th August - and will not be extended. Time for betr to fold its tent.</li>
</ul>



Mixi Inc (2121 JP) has bumped its Offer to A$1.30/share, up from A$1.25/share; and declared terms final. Mixi currently holds 37.12% of shares out. 
Separately, PointsBet Holdings (PBH AU) released its Target Statement as it relates betr Entertainment (BBT AU)'s all-scrip Offer, with a definitive "Reject".
Mixi's Offer is open to the 29th August - and will not be extended. Time for betr to fold its tent.


PointsBet (PBH AU): Mixi Bumps, Again, And Declares Terms Final

Australia

PointsBet Holdings Ltd is a corporate bookmaker with operations in Australia, the United States, Canada and Ireland. PointsBet has developed a cloud-based wagering Platform through which it offers its clients sports, racing and iGaming products.

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PointsBet Holdings (PBH AU)

PointsBet (PBH AU) And Mixi Double Down Ahead Of Offer Closing

Trading at Mixi's terms. If in, tender into Mixi's Offer if looking for a meaningful exit. Do not tender into betr's Offer. I don't have a strong...

David Blennerhassett

PointsBet (PBH AU): Betr's Dyslexic Bump. Mixi's Now Holding 42.38%

Mixi Inc (2121 JP) clears 50% of the voting power. It's Offer is automatically extended by 14 days, and will now close on the 12th September. I'm...

David Blennerhassett

PointsBet (PBH AU): Betr Bumps a Second Time but Fails to Check Its Work

Betr is struggling to secure acceptances, and the revised terms are unlikely to change this materially. The shares are trading in line with Mixi's...

Arun George

PointsBet (PBH AU): Mixi Attempts to Call Betr’s Bluff with a Final Offer

Betr has released a supplementary bidders statement stating that it will NOT accept Mixi offer. As Mixi cannot reach the 90% voting threshold,...

Arun George

PointsBet (PBH AU): Mixi Bumps, Again, And Declares Terms Final

Trading 2.4% adrift of terms as I type. Not bad - this is unconditonal. If in, stay in. Still an outside chance of a potential bump if Mixi clears...

David Blennerhassett

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