The Alcohol and Gaming Commission of Ontario (AGCO) issued a notice to suspend PointsBet’s license for five days after the operator didn’t identify and report suspicious...
MIXI to take over PointsBet with off-market plan
After a failed scheme vote, MIXI activates Plan B – an off-market takeover of PointsBet at AU$1.20/share, pending regulatory approval and 50.1% support.
The original count was released after a June 25 meeting. It showed 95.69% approval for MIXI’s offer, which valued PointsBet at AU$402 million ($263 million). However, rival Betr demanded a vote recount, arguing its 19.9% stake had not been counted in the final vote.
The vote recount blocked MIXI‘s takeover bid, revealing a proxy error. The initial voting revealed that MIXI’s scheme had initially passed, but the recount confirmed that it didn’t have the required support.
However, ahead of the shareholder vote, PointsBet backed MIXI’s offer, agreeing that should the resolution not pass, MIXI could go ahead with an off-market takeover.
A statement by Betr Entertainment shared:
“We remain concerned that the PointsBet board is seeking to transfer control to MIXI without allowing a genuine contest to take place and that this may not result in an optimal outcome for PointsBet shareholders.
Betr calls on PointsBet not to permit the early despatch of MIXI’s Bidder’s Statement and opening of Mixi’s takeover offer. It is important that PointsBet’s shareholders have a reasonable opportunity to consider and comment on the Mixi Bidder’s Statement before the Mixi offer is capable of acceptance by shareholders.”
Meanwhile, Betr continues to prepare its takeover offer directed to PointsBet shareholders and will share more details in the near future.
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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