MIXI Australia raised its PointsBet takeover bid to A$1.25 per share in cash, declaring the offer unconditional. PointsBet's board unanimously recommends accepting it.
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Betr Demands Vote Recount of PointBet’s Takeover by MIXI
Betr Entertainment calls for a vote recount to approve MIXI‘s takeover of PointsBet, claiming that its votes were “impermissibly excluded.”
Ahead of the shareholders’ vote, PointsBet has backed MIXI’s offer, claiming that Betr’s proposal isn’t convincing and has several issues, including the low value of Betr’s offer, as well as a “volatile VIP-heavy” customer base.
In a press release, PointsBet reported that 95.7% of votes cast were in favor of MIXI’s offer, with only 4.31% voting against. It is therefore settled that MIXI’s offer of AU$1.20 per share is to proceed.
Betr requested a recount, claiming that its vote against wasn’t included. Betr has become the largest shareholder of PointsBet, holding 19.9%, which it intended to use on Wednesday to vote against MIXI’s proposal.
Betr Entertainment shared in a statement:
“It appears that the chair of the meeting has impermissibly excluded Betr’s vote against the scheme and provided no basis for doing so. The company confirms it validly lodged its proxy vote against the scheme as recorded in the PointsBet announcement this morning. Betr did not, at any time, revoke that proxy.
Betr expects that the chair of the meeting will immediately conduct a recount of the vote and include the Betr proxy vote in full. If the chair of the meeting fails to do so and announce the results prior to the Second Court Hearing tomorrow morning, Betr will challenge the exclusion of its vote at tomorrow’s Second Court Hearing.”
PointsBet has continuously recommended MIXI’s offer, despite Betr’s attempts to convince the company otherwise. PointsBet even requested a revised offer, which still ended in MIXI improving their offer and convincing PointsBet to reject Betr’s offer again.
PointsBet also voiced concerns about the structure of potential scrip and buy-back mechanisms:
“In the interim, Betr continues to prepare its unconditional takeover offer direct to PointsBet shareholders and will share further details with the market in coming days.”
The key issues for PointsBet have been that Betr’s offer does not provide the same certainty in terms of price per share, which it claims is more unstable than MIXI’s fixed $1.20 per share.
PointsBet objects to a takeover bid by Betr, even after the company returned with an improved offer of AU$1.35 ($0.87) per share, continuing the war with MIXI.Betr...
