Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 3rd June, MIXI bumped Scheme terms to A$1.20/share; and should the Scheme fail, MIXI was "willing to consider" an off-market takeover at A$1.20/share with a 50.1% acceptance hurdle.</li>
<li>
<a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet (PBH AU)</a> has now <a href="https://announcements.asx.com.au/asxpdf/20250616/pdf/06ks0nz04rlcd0.pdf" target="_blank" rel="noopener">entered</a> a bid implementation deed with MIXI on the off-market Offer, conditional on the Scheme failing; which it will given <a href="https://www.smartkarma.com/entities/betr-entertainment-limited" target="_blank" data-smartkarma-citation="entities:41181:1" rel="noopener">BETR (BBT AU)</a>'s 19.9% stake.</li>
<li>And on Betr? PBH has <a href="https://announcements.asx.com.au/asxpdf/20250616/pdf/06ks0t37pxqpd5.pdf" target="_blank" rel="noopener">rejected</a> its Offer, questioning the computation of the synergies, and calling the bid materially below MIXI's.</li>
</ul>


On the 3rd June, MIXI bumped Scheme terms to A$1.20/share; and should the Scheme fail, MIXI was "willing to consider" an off-market takeover at A$1.20/share with a 50.1% acceptance hurdle.

PointsBet (PBH AU) has now entered a bid implementation deed with MIXI on the off-market Offer, conditional on the Scheme failing; which it will given BETR (BBT AU)'s 19.9% stake.
And on Betr? PBH has rejected its Offer, questioning the computation of the synergies, and calling the bid materially below MIXI's.


PointsBet (PBH AU) [Further] Backs MIXI's Offer, Rejects Betr's

<ul>
<li>Back on the 26th Feb, <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet (PBH AU)</a>, an Australian/Canadian online wagering platform, entered into a Scheme Implementation Deed with <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">MIXI (2121 JP)</a>, at $1.06/share, a 27.7% premium to undisturbed.</li>
<li>An approach from <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>, PointsBet's key rival, was initially rebuffed. On the 12th May, both parties subsequently entered into mutual due diligence after Betr finagled terms.</li>
<li>
MIXI has now<a href="https://announcements.asx.com.au/asxpdf/20250603/pdf/06kdb2v8cyqswh.pdf" target="_blank" rel="noopener"> bumped terms to A$1.20/share</a>. The Scheme Meeting has been delayed to the 25th June. DD continues to be carried out by PointsBet and Betr.   </li>
</ul>


Back on the 26th Feb, PointsBet (PBH AU), an Australian/Canadian online wagering platform, entered into a Scheme Implementation Deed with MIXI (2121 JP), at $1.06/share, a 27.7% premium to undisturbed.
An approach from BETR Entertainment (BBT AU), PointsBet's key rival, was initially rebuffed. On the 12th May, both parties subsequently entered into mutual due diligence after Betr finagled terms.

MIXI has now bumped terms to A$1.20/share. The Scheme Meeting has been delayed to the 25th June. DD continues to be carried out by PointsBet and Betr.   


PointsBet (PBH AU): MIXI Bumps To A$1.20. Betr's DD Continues

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/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a> has disclosed a revised <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a> offer at A$1.20, a 13.2% premium to the previous A$1.06 offer and a 10.6% premium to last close. </li>
<li>Due to Betr’s 19.9% stake, which can effectively block Mixi’s scheme, Mixi will consider an off-market takeover offer of A$1.20 with a 50.1% minimum acceptance condition. </li>
<li>Mixi’s revised offer is superior to Betr’s if synergies are not factored in. While the Betr’s all-cash offer is equivalent to Mixi’s, it is subject to scale-back.</li>
</ul>



PointsBet Holdings (PBH AU) has disclosed a revised Mixi Inc (2121 JP) offer at A$1.20, a 13.2% premium to the previous A$1.06 offer and a 10.6% premium to last close. 
Due to Betr’s 19.9% stake, which can effectively block Mixi’s scheme, Mixi will consider an off-market takeover offer of A$1.20 with a 50.1% minimum acceptance condition. 
Mixi’s revised offer is superior to Betr’s if synergies are not factored in. While the Betr’s all-cash offer is equivalent to Mixi’s, it is subject to scale-back.


PointsBet (PBH AU): Mixi Returns with a Revised Offer and a Potential Takeover Offer

<ul>
<li>In <a href="https://skr.ma/KK9Uj" target="_blank" rel="noopener">Betr's "Superior Offer" For PointsBet (PBH AU) Is Questionable</a>, I surmised, on balance, <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> would afford <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> due diligence. That is now <a href="https://announcements.asx.com.au/asxpdf/20250512/pdf/06jmzkzzbfdlr1.pdf" target="_blank" rel="noopener">confirmed</a>.</li>
<li>PointsBet initial focus will be on Betr's scrip as it comprises 43% of the funding mix.</li>
<li>Separately, <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a>'s Scheme Booklet was dispatched on the 8th May, with a shareholder vote on the 12th June. Mixi has matching rights under its SID.</li>
</ul>


In Betr's "Superior Offer" For PointsBet (PBH AU) Is Questionable, I surmised, on balance, PointsBet Holdings (PBH AU) would afford Betr Entertainment (BBT AU) due diligence. That is now confirmed.
PointsBet initial focus will be on Betr's scrip as it comprises 43% of the funding mix.
Separately, Mixi Inc (2121 JP)'s Scheme Booklet was dispatched on the 8th May, with a shareholder vote on the 12th June. Mixi has matching rights under its SID.


PointsBet (PBH AU)/Betr (BBT AU): Mutual Due Diligence Proposed

<ul>
<li>On the 26th Feb 2025, <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet (PBH AU)</a>, an Australian/Canadian online wagering platform, entered into a Scheme Implementation Deed with <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi (2121 JP)</a> at A$1.06/share, a 27.7% premium to undisturbed.</li>
<li>PointsBet rebuffed key (smaller) rival <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 (previously known as  BlueBet) ostensibly higher non-binding cash/scrip; and <a href="https://announcements.asx.com.au/asxpdf/20250403/pdf/06hb0zmqpcl5gh.pdf" target="_blank" rel="noopener">refuted</a> Betr's claim that it's Offer was fully funded.  </li>
<li>Betr has returned with, what appears to be, an all cash offer of A$1.20/share, fully-funded/underwritten. Betr's Offer still requires confirmatory due diligence. Importantly, Betr has also acquired a 19.9% stake.</li>
</ul>


On the 26th Feb 2025, PointsBet (PBH AU), an Australian/Canadian online wagering platform, entered into a Scheme Implementation Deed with Mixi (2121 JP) at A$1.06/share, a 27.7% premium to undisturbed.
PointsBet rebuffed key (smaller) rival Betr Entertainment (BBT AU)'s (previously known as  BlueBet) ostensibly higher non-binding cash/scrip; and refuted Betr's claim that it's Offer was fully funded.  
Betr has returned with, what appears to be, an all cash offer of A$1.20/share, fully-funded/underwritten. Betr's Offer still requires confirmatory due diligence. Importantly, Betr has also acquired a 19.9% stake.


Betr's "Superior Offer" For PointsBet (PBH AU) Is Questionable

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

PointsBet Holdings (PBH AU)

PointsBet (PBH AU) [Further] Backs MIXI's Offer, Rejects Betr's

If small, illiquid arbs are your thing - and not already in - get involved below MIXI's terms. Betr is not out of the picture. Yet. I suspect they...

David Blennerhassett

PointsBet (PBH AU): MIXI Bumps To A$1.20. Betr's DD Continues

If small, illiquid arbs are your bag, and not in, get in below MIXI's terms. This situation has the potential to go back & forth; although Betr's...

David Blennerhassett

PointsBet (PBH AU): Mixi Returns with a Revised Offer and a Potential Takeover Offer

If synergies are not factored in, Mixi’s revised offer is superior to Betr’s. The potential Mixi takeover offer will require Betr to revise terms...

Arun George

PointsBet (PBH AU)/Betr (BBT AU): Mutual Due Diligence Proposed

I still believe, as Betr's Offer is propped up by equity and debt, it will be less nimble than Mixi in a straight shoot out. Trading at A$1.09...

David Blennerhassett

Betr's "Superior Offer" For PointsBet (PBH AU) Is Questionable

PointsBet may view Betr's Offer to be superior. Given Betr's offer is propped up by equity and debt, it will be less nimble than Mixi in a straight...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)