• AST Takeover Panel it received an application from PointsBet Holdings Ltd (PointsBet) re its affairs and President of AST Takeover Panel has made interim orders in response to an application for interim orders from PointsBet; PointsBet is facing competing bids.
• Namely, a recommended cash offer from MIXI Australia Pty Ltd and unsolicited all-scrip offer from betr Entertainment Ltd.

Concerns Raised

• PointsBet alleged betr's disclosures are misleading, particularly re offer value, synergies, and a proposed selective buy-back that may act as an unlawful inducement.
• Additional concerns include possible breaches of bid pricing rules and inadequate disclosure of voting power by betr’s Executive Chairman.
• PointsBet seeks to block the buy-back, correct disclosures, and ensure transparency; AST Takeover Panel has temporarily halted betr from sending its bidder’s statement.

Effectiveness

• Interim orders have effect until the earliest of further order of the President of AST Takeover Panel or AST Takeover Panel (once appointed), determination of the proceedings or 29 September 2025, being 2 months from the date of the interim orders.