PointsBet recommends Mixi offer, dismisses Betr
This comes following months of offers and counter-offers between the two.
Key points:
– PointsBet has advised stakeholders to take Mixi’s takeover offer
– The deal has seemingly been sealed, with PointsBet writing: ‘Each PointsBet Director has now accepted the Mixi Takeover Offer.’
It seems the war has finally been won, with PointsBet recommending that shareholders ignore the Unsolicited Betr Scrip Offer for its acquisition by Betr in favour of the offer presented by Mixi.
Indeed, Mixi now holds 36.72% of PointsBet shares, compared to its previous 33.71% holding. In a post to its investor relationship page, the sportsbook wrote: ‘The PointsBet Board continues to unanimously recommend that PointsBet shareholders ACCEPT the previously announced Mixi Takeover Offer, in the absence of a superior proposal.
‘Each PointsBet Director has now accepted the Mixi Takeover Offer.’
It seems the deal, then, has been sealed. This is supported by other announcements within the post, such as the fact that PointsBet cancelled its shareholder meeting with Betr, initially scheduled for 18 August, which would have approved its selective buy-back, as well as withdrew the operator’s notice to certain meeting statements.
Whether a new meeting will be scheduled is unclear. However, given the circumstances, it may not be necessary.
The announcement comes just a day after Betr opened its takeover offer for PointsBet shareholders, and follows several months of offers and counter-offers between Betr and Mixi. Mixi proposed a $223.2m takeover in February, with Betr releasing its proposal in April. Mixi revised its offer, as did Betr, with Mixi’s offer being approved, unapproved and later approved again by the Commonwealth.
Along the way, files have been placed, share bids have been increased and more.
Is this the end? Or will there still be more to come…
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