The acquisition battle surrounding Australian betting operator PointsBet continues to heat up. Two bidders—Japanese company Mixi and Australian company Betr—have recently announced key developments.
Mixi announced that its proposal to acquire PointsBet through a 100% off-market takeover has been approved by the Australian Foreign Investment Review Board (FIRB), with the federal government having "no objections." This regulatory approval clears a significant hurdle for Mixi's acquisition proposal.
Meanwhile, despite PointsBet having previously rejected Betr's revised all-stock offer, Betr remains confident. The company revealed that over 75% of shareholders have supported the selective buy-back resolution to be proposed at the shareholder meeting scheduled for August 25, through proxy voting. This buy-back scheme will provide an exit mechanism for PointsBet shareholders participating in Betr's offer.
Betr also confirmed that its acquisition plan has been approved by the Alcohol and Gaming Commission of Ontario (AGCO), meaning that no additional permissions are needed to advance the transaction in Canada. Betr's chairman, Matthew Tripp, noted that the firm support from a broad base of shareholders will enhance market confidence in the smooth progress of the buy-back scheme.
Since April this year, over 30 related updates have been posted on the PointsBet investor relations website, reflecting the complexity and dynamics of the transaction. Despite a lukewarm response from management, Betr continues to push forward and has increased its acquisition offer from 1.22 Australian dollars per share to 1.35 Australian dollars, aiming to win more shareholder support.
