Betr refuses to concede defeat in its battle to secure control of corporate bookmaker PointsBet, saying its “conviction is undiminished”, despite its share offer failing to secure a dominant position.
Betr’s takeover offer, which involves an all-scrip offering to PointsBet shareholders, remains active until Thursday.
However, with Japanese-owned MIXI already holding 66 per cent of PointsBet shares, it is not in a position to gain control.
MIXI is refusing to give betr a seat at the board.
But betr chairman Matthew Tripp remains defiant, telling an extraordinary general meeting that the fight is far from done.
He revealed that betr had a relevant interest in 20.56 per cent of PointsBet shares, plus a further 6.5 per cent subject to acceptance instructions.
“This position will crystallise into a significant stake - large enough to block actions that run against shareholder interests, and to drive constructive engagement with MIXI and the PointsBet board on value creation,” he said.
“While the outcome of our offer was not what we pursued, our conviction is undiminished.”
Tripp said the growth and profitability of betr, which saw EBITDA of $7.2 million in 2024/25, is an indication of the ambition of the company, which has merged with BlueBet and acquired TopSport in the past 15 months.
“Betr was built on ambition, execution and value creation. That ethos hasn’t changed,” he said.
Betr's extraordinary general meeting saw shareholders approve the three resolutions put forward. The first was the approval of the issue of betr shares to PointsBet shareholders, the second was the approval of a selective buy back and the third was in regards to the prior issue of institutional placement shares.
MIXI remains determined not to give betr a place on the PointsBet board, citing its role as a competitor to PointsBet, and its rights as a controlling shareholder.
The complex and often hostile battle for control of PointsBet has continued for seven months, when MIXI announced its original bid for the listed bookmaker, only for betr to lodge an almost instant counterbid.
The PointsBet board has been determined to partner with MIXI and looked to have won shareholder approval at a vote in June.
But betr protested the vote, leading to Computershare admitting it had made an error in how it conducted the process.
MIXI had hoped to secure a 100 per cent shareholding of PointsBet, but only got two-thirds of acceptances at its $1.25 per share price, which values the company at $420 million.
