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

• 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 is an illiquid stock. If that's not your bag, look away now.

---

MIXI's initial Offer is discussed here: PointsBet (PBH AU) Rebuffs BlueBet And Enters Offer With Mixi (2121 JP).

Betr's revised Offer and the granting of DD is here, along with takeaways from MIXU's Scheme Booklet: PointsBet (PBH AU)/Betr (BBT AU): Mutual Due Diligence Proposed

And MIXI's bump was discussed in PointsBet (PBH AU): MIXI Bumps To A$1.20. Betr's DD Continues

---

Conclusions First

• After backing MIXI's bumped terms (a 44.8% premium to undisturbed), via a Scheme, it comes as no surprise PBH would similarly back MIXI's off-market Offer on the same cash terms.

  • MIXI will announce its intention to make an off-market Offer within three business days from the Scheme Meeting. Provided the Scheme vote fails.

  • The off-market takeover is conditional on a 50.1% acceptance hurdle.

• It also comes as no surprise PBH has rejected Betr's convoluted bid.

  • PBH concluded - after conducting its own due diligence on Betr - that:

the value of the cost synergies identified by Betr has been materially overstated;

revenue dis-synergies will also reduce the net synergies; and

there are significant integration and implementation challenges

• Put another way: the blended value for PointsBet shareholders, as a whole, under Betr's offer would always be equal to 57% x $1.20 plus 43% x the value of ~2.7x Betr shares; whereas MIXI's offer is simply A$1.20/share, in cash.

Since the announcement of Betr's Offer, its value has varied between $1.04 and $1.14 per PointsBet share as a result of changes to the Betr share price, and as at close of trading on 13 June 2025, the value equated to $1.05 per PointsBet share.