Key points:
- PointsBet has confirmed regulatory approval from the Australian Government for its Mixi takeover
- The deal will see Mixi acquire 100% of the operators shares
- The acquisition remains subject to Ontario approvals
Operator PointsBet has received written confirmation for the approval of its proposed acquisition by Mixi from the Australian Commonwealth Government.
Indeed, the government has confirmed that the acquisition is satisfactory with regard to the Foreign Acquisition and Takeovers Act 1975 – and has allowed proceedings to advance. Nevertheless, the deal – which was initially rumoured in November – still remains subject to Ontario approval.
Conversely, during Q4 2024, PointsBet denied being in takeover conversations with a foreign entity, later backtracking with the announcement of this acquisition being unveiled in February. More recently, last week, Mixi revised its previous offer of US$223.2m – raising it to US$264m – in an attempt to increase the likelihood of an agreement.
In additional recent news, PointsBet was subject to an AU$500,800 (US$326,687) fine for violations relating to spam and self-exclusion laws in Australia – with an investigation by the Australian Communications and Media Authority (ACMA) identifying over 800 marketing messages sent in breach of the nation’s spam regulations between August and November 2023.
Good to know: Betr has also been part of the bidding war to acquire PointsBet, with PointsBet reportedly beginning due diligence processes for the proposed Betr merger last month
Now, however, this latest development seems to be confirmation of the pendulum swinging the way of Mixi – with PointsBet itself confirming this latest regulatory approval from the Australian Government.
