How fund managers read the MIXI-Betr bidding war for Pointsbet Holdings
A binding offer from Japan's MIXI was pushed higher after Betr's Matthew Tripp built a strategic stake, forcing a 13% increase in the takeover price.
30 Jun 2025 · 5 min read
In short
Japanese company MIXI made a binding offer for Pointsbet Holdings, later increased 13% to $1.20 per share after rival bidder Betr built a near-20% stake.
Forager Funds described the investment as a wonderful outcome, with an adjusted cost base of about 28 cents per share after an early capital return.
Wilson Asset Management had flagged strong underlying momentum before the takeover contest, including 7% net win growth in Pointsbet's Australian business.
Digital bookmaker Pointsbet Holdings delivered one of the more decisive takeover outcomes fund managers have seen on the ASX, closing out a bidding war between Japan's MIXI and local rival Betr. Forager Funds' June 2025 Quarterly Report described it as a wonderful investment, noting the fund's initial purchases ranged from $1.55 to $1.72 per share, offset by an early $1.39 per share capital return that brought its adjusted cost base down to about 28 cents.
A two-way bidding war settles at a premium price
The contest began in February 2025, when Wilson Asset Management's Monthly Report detailed PointsBet entering a scheme implementation deed with MIXI Australia at $1.06 per share, a 27.7% premium to the undisturbed price, before a second proposal from BlueBet Holdings pushed the share price up a further 36.1% within the month. Harvest Lane Asset Management's May 2025 Monthly Report described how Betr's Matthew Tripp, initially dismissed by the market and PointsBet's own board due to a patchy M&A track record and thin balance sheet, built a nearly 20% shareholding to force MIXI to lift its offer by 13% to $1.20 per share in June 2025.
As often happens in auctions MIXI then decided to go again and upped their bid by 13% to $1.20.
— Harvest Lane Asset Management, Monthly Report, May 2025
The underlying operating business supported the corporate contest throughout. Wilson Asset Management's October 2024 Monthly Report had already highlighted 7% net win growth in the Australian business from market share gains and richer promotional efficiency, alongside a Canadian business on track to reach cash flow breakeven, with management targeting an EBITDA range of $11 million to $16 million that Wilson expected to drive a step-change in valuation.
What managers are watching next
With MIXI's binding, cash-backed offer proving hard for Betr to match given its comparatively limited balance sheet, Forager Funds' assessment by mid-2025 was that there was unlikely to be much more juice left in the contest. The episode stands as a reminder to managers of how quickly an activist bidder building a strategic stake can reshape the outcome of a takeover process, even against a well-funded international acquirer that moved first.
Questions
Who was bidding for Pointsbet Holdings?
Japan's MIXI made the initial binding offer for Pointsbet Holdings, before Australian rival bookmaker Betr, led by Matthew Tripp, built a near-20% shareholding and forced MIXI to raise its offer by 13% to $1.20 per share.
How much did Forager Funds make from Pointsbet Holdings?
Forager Funds noted its initial purchases of Pointsbet Holdings ranged from $1.55 to $1.72 per share, but an early $1.39 per share capital return brought its adjusted cost base down to about 28 cents, making the final takeover price a strong outcome.
What was Pointsbet Holdings' underlying business performance before the takeover?
Wilson Asset Management noted Pointsbet's Australian business delivered 7% net win growth from market share gains and more efficient promotional spend, while its Canadian business was on track to reach cash flow breakeven.
4 managers, 7 comments, with each manager's latest recorded position.
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