PointsBet recounts vote: Mixi takeover no longer approved
Despite being rejected in the shareholder meeting, Mixi is still pulling out all the stops to secure its bid to take over PointsBet.
Key points:
– PointsBet recounted its votes cast at the shareholder meeting
– With Betr’s votes included this time, the Mixi takeover was not carried
– Mixi is now offering an off-market all-cash takeover
PointsBet has recounted the votes cast during its shareholders meeting and with Betr’s counts now included, the Mixi takeover has not been approved.
Yesterday, it was revealed that a Betr senior officer had validly logged in and revoked the company’s votes.
With Betr’s votes redacted, the plan to approve Mixi’s takeover bid was originally 95.69% For and 4.31% Against.
Following this, Betr demanded a recount with the company’s votes included.
This time, the votes were 70.48% For and 29.52% Against – below the general minimum of 75% needed to pass decisions at the shareholder level.
In addition, Computershare has stated that Betr’s votes were revoked due to an error in the system, as opposed to a rogue senior officer.
Despite Mixi’s offer now being rejected, this hasn’t stopped the Japanese entertainment group from proposing a new off-market takeover offer.
This is an all-cash offer of $1.20 per PointsBet share; with PointsBet opening at $1.18 today.
Good to know: This is the highest PointsBet shares have been in the past year, with the share price set at $0.83 before the takeovers were first proposed
At this price, the new takeover offer is valued at $402m and the all-cash offer is being marketed as having ‘less uncertainties’ compared to Betr’s all-scrip offer.
The PointsBet Board has agreed to unanimously recommend shareholders to accept this offer, with the minimum percentage set at 50.1%.
Of course, this isn’t the first time that PointsBet has been part of a bidding war.
In 2023, Fanatics and DraftKings also spent the better part of a year bidding for the US-facing portion of PointsBet’s business.
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