The Australian division of Japanese tech giant MIXI has updated its bid for acquiring PointsBet, an Australian sports betting company. The government has now approved the deal, allowing both firms to move forward.
**MIXI and BlueBet Contended for PointsBet**
Earlier this year, MIXI Australia proposed acquiring PointsBet for approximately AUD 353 million ($229 million).
This followed an earlier offer from BlueBet, who aimed to buy the Australian sportsbook for AUD 340 million ($220.5 million). After BlueBet’s acquisition by Betr Entertainment, Betr revised the offer, proposing AUD 360 million instead. Betr claimed potential synergies worth over AUD 40 million annually, suggesting a possible value of AUD 1.33 per share for PointsBet shareholders.
While PointsBet’s management recognized Betr’s offer as better, they didn’t dismiss MIXI’s proposal. Consequently, MIXI presented a more attractive offer, proposing AUD 402 million ($261 million).
The latest proposal from the Japanese company valued PointsBet at AUD 1.20 per share.
**Approval from FIBR for MIXI’s Proposal**
Yesterday, PointsBet announced that the Australian Foreign Investment Review Board (FIBR) has approved the proposal, allowing it to proceed. MIXI Australia received confirmation under the Foreign Acquisitions and Takeovers Act 1975, indicating the government’s approval of MIXI’s acquisition of PointsBet.
MIXI had considered an off-market takeover bid if it did not receive regulatory approval.
However, the deal is still pending further regulatory approvals, including those from Ontario regulators where PointsBet also operates.
If accepted, the agreement will greatly enhance MIXI’s presence in Australia’s gaming market. MIXI already manages the betM brand in the Northern Territory and is eager to explore the growing sports betting market in the country.
- SCCG Management. The Gambling Industry’s Global Connector. Access Here.
- Source: SCCGManagement.com