PointsBet Takeover Battle: Board Urges Shareholders to Accept MIXI Cash Offer

PointsBet Holdings Limited

Note: Please see attachment for full Second Supplementary betr Target’s Statement release on ASX 10 September 2025.

PointsBet Takeover Battle: Board Urges Shareholders to Accept MIXI Cash Offer

PointsBet Holdings has issued an update to shareholders as on the two competing takeover bids.
Board strongly recommending acceptance of MIXI Australia's cash offer over betr Entertainment's scrip proposal.

Key Developments:

MIXI Takes Control

MIXI Australia now controls PointsBet with 51.9% voting power
Final deadline: Friday, 12 September 2025 at 7pm for $1.25 cash per share
No extensions - this is shareholders' last chance for certain cash consideration

betr Offer Faces Major Hurdles

betr's offer of 4.375 betr shares per PointsBet share remains conditional and unsolicited
Critical consent from NAB (betr owes $33+ million) required but not obtained for proposed share buy-back
Independent experts have deemed betr's buy-back "not fair" to shareholders

Financial Concerns Around betr

betr recorded negative free cash flow exceeding $25 million in FY25
Limited liquidity in betr shares (zero trades recorded on recent trading day)
Risk of buy-back scale-back, leaving shareholders holding illiquid, loss-making stock
Potential cash shortage to fund ongoing operations if buy-back proceeds

Board Position

The PointsBet Board unanimously recommends shareholders ACCEPT the MIXI cash offer and REJECT betr's scrip offer,
Emphasising the certainty of cash versus the significant risks and uncertainties surrounding betr's proposal.
With MIXI now in control, betr will have no board representation or synergy opportunities, remaining a direct competitor in the Australian online betting market.