Betr files with the Australian Government Takeovers Panel over PointsBet acquisition
Betr is calling for an interim restraining order against Mixi.
Key points:
– Betr has filed an application to the Australian Government Takeovers Panel to look into Mixi’s acquisition offer for PointsBet
– Betr claims Mixi is “seeking to exploit the procedural consequences of ongoing Takeovers Panel proceedings”
– It has asked that an interim restraining order be placed against Mixi to stop shareholders from accepting its offer
The PointsBet saga continues. Betr has filed an application with the Australian Government Takeovers Panel regarding its attempts to acquire sportsbook PointsBet, claiming that, after a series of back-and-forth offers between itself and Japanese company Mixi, the company is exploiting procedures.
It said: “Mixi is seeking to exploit the procedural consequences of ongoing Takeovers Panel proceedings (being a delay in the despatch of Betr’s replacement bidder’s statement and the opening of the Betr offer) to enhance and potentially secure its control of PointsBet before the Betr offer is sent to PointsBet shareholders and open for acceptances.”
Moreover, Betr believes Mixi as ‘locked up’ accepted offers from existing PointsBet stakeholders “at a time when the outcome of the Takeovers Panel proceedings are unknown and pressuring undecided shareholders into accepting the Mixi offer without the ability to weigh the benefits that may be available under the Betr offer.”
It also notes that Mixi’s confidentiality deed has yet to be made public, which goes against the typical practice of keeping the market informed. Betr has requested that PointsBet release the deed.
As such, Betr is calling for an interim restraining order against Mixi, in order to cease its acceptance of shareholders for its offer until the panel finishes its proceedings.
It also asks that Mixi offer withdrawal right for shareholders, though adds that the acceptance deadline for Mixi’s offer should be extended ‘to allow shareholders a reasonable opportunity to consider both offers.’
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