PointsBet update: Mixi gains Commonwealth approval, but Betr still confident

Key points:

– The Commonwealth has no objection to Mixi taking over PointsBet

– Betr shareholders show strong support for the Selective Buy Back Resolution aimed at PointsBet

– AGCO signs off on the last regulatory approvals for Betr

Both Mixi and Betr have published updates regarding their respective takeover plans for PointsBet.

Mixi has received word from the Foreign Investment Review Board (FIRB) that the Commonwealth has “no objection” to the company acquiring PointsBet through its 100% interest off-market takeover bid.

Despite PointsBet rejecting Betr’s revised scrip offer recently, the operator remains optimistic.

Betr has received proxies signifying over 75% support for the Selective Buy Back Resolution that will be voted on during the upcoming shareholder meeting on 25 August.

This will be open to all PointsBet shareholders who accept Betr’s all-scrip off-market takeover offer.

Also, Betr can also confirm that AGCO has approved its offer, meaning there are no further approvals required from any Canadian regulatory authority in connection with Betr’s acquisition of PointsBet.

Matthew Tripp, Betr Chairman, said: “This early and decisive support for the Selective Buy-Back Resolution from more than 75% of the Betr register will instil further confidence in PointsBet Shareholders that the Selective Buy-Back will proceed as announced.”

Good to know: There have been at least 32 explicit updates, not counting changes in substantial holdings, on the PointsBet investor relations site since April

It seems that despite PointsBet showing little support towards Betr’s efforts, that has never dampened the company’s attempts to stay in the race.

Last week, after PointsBet had outright rejected its offer, Betr increased its all-scrip offer from AU$1.22 (US$0.79) to AU$1.35.

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Megan Elswyth

Business Journalist

Megan Elswyth is a business journalist and Staff Writer at Gambling Insider, where she has been reporting since February 2023. She specialises in researching complex commercial topics, analysing industry trends and interviewing senior executives to deliver insightful journalism for a professional B2B audience.

Megan’s coverage spans financial reporting, regulatory developments, SEC filings and key business developments shaping the global gambling and iGaming landscape. Her work combines rigorous analysis with clear storytelling, helping readers understand the financial, strategic and operational dynamics driving the industry forward.

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