The PointsBet Holdings Ltd (ASX: PBH) share price was put on ice one minute before the market open this morning.

An ASX lodgement published at 9:59 am reveals PointsBet management is preparing a 'material update' on the proposed takeover by Japanese entertainment company, MIXI Inc (TYO: 2121), via its wholly owned subsidiary MIXI Australia Pty Ltd.

PointsBet will remain in a trading halt until the company makes an announcement or until the start of trading on Thursday.

PointsBet shares closed at $1.09 yesterday.

Let's recap.

PointsBet share price halted

Two companies are currently engaged in a bidding war for the corporate bookmaker.

MIXI proposed a 100% takeover via a scheme of arrangement in February, offering $1.06 per share, which PointsBet accepted.

At the time, the offer represented a 27.7% premium to PointsBet's closing share price of 83 cents on 25 February.

The deal was a cash offer, with investors set to relinquish their shares in exchange for consideration.

Then the company's biggest shareholder, Betr Entertainment Ltd (ASX: BBT) (formerly BlueBet), offered an alternative.

Betr offered PointsBet $1.28 per share on 6 March before upping the ante to $1.33 per share on 29 April.

The Betr deal is different, as it involves both cash and scrip, which would give investors exposure to both companies if it proceeded.

PointsBet said it would assess the proposal whilst remaining committed to the MIXI deal for the time being.

Unsurprisingly, Betr warned it intended to vote against the MIXI deal, arguing that its offer gave PointsBet investors superior value through greater scale, synergy opportunities, and a more compelling growth strategy.

PointsBet has since released the Scheme Booklet on the MIXI deal and set a shareholder vote for next Thursday, 12 June.

On 12 May, PointsBet announced it had determined that the Betr deal was worth exploring further via a mutual due diligence period.

PointsBet commented:

The PointsBet Board, with the assistance of external advisers, has considered the Proposal and determined that it could reasonably be expected to lead to a 'Superior Proposal', relative to the proposed scheme of arrangement between the Company and MIXI Australia Pty Ltd, a wholly-owned subsidiary of MIXI, Inc (the "MIXI Scheme").

Pointsbet therefore proposes that a form of mutual due diligence be undertaken by Pointsbet and Betr.

As is customary, this due diligence will be phased. PointsBet's initial focus will be on the value of synergies and Betr scrip, as the implied value of the Proposal for shareholders is heavily dependent on these two elements given that the Proposal contemplates a 57% cash / 43% scrip funding mix.

We haven't heard any news on the takeover since then.

Today, PointsBet investors are wondering if the impending update does, indeed, involve a superior offer from MIXI.

We'll have to wait and see.