- PointsBet’s $402 million MIXI takeover failed after a vote recount revealed a technical error, with Betr’s 19.9% stake pushing support below 75%.
- Betr’s rival bid, deemed risky by PointsBet’s board, fueled the dispute, highlighting tensions in Australia’s betting market.
- A June 26 court hearing will decide the deal’s fate, with MIXI possibly proposing a new offer or Betr advancing its own.
The $402 million takeover of PointsBet by Japanese tech giant MIXI has hit a major snag. A technical error during the shareholder vote wrongly showed 95.7% approval, but a recount including Betr Entertainment’s 19.9% stake revealed the deal lacked the required 75% support.
You’re watching a high-stakes drama unfold in Australia’s betting industry, with Betr’s opposition and a looming court hearing shaking up the process.
What Went Wrong with the Vote
PointsBet initially claimed strong shareholder backing for MIXI’s $1.20-per-share cash offer. But Betr, a key shareholder, argued its votes were unfairly excluded due to a revoked proxy.
A recount confirmed Betr’s 19.9% opposition, dropping support below the 75% threshold needed for the deal.
For you, this error highlights the complexities of corporate takeovers. PointsBet admitted the mistake, blaming a system glitch at Computershare, and now faces a court hearing on June 26 to determine next steps.
See also:
- RubyPlay secures BetMGM partnership to scale North America presence
- FDJ United Sets Sights on European Gambling Dominance by 2028
- PointsBet Shareholders Approve $402M MIXI Takeover Amid Betr Dispute
Betr’s Role and the Rival Bid
Betr, holding nearly a fifth of PointsBet’s shares, has been a vocal critic of the MIXI deal. Their rival offer, valued between $1.05 and $1.14 per share, was dismissed by PointsBet’s board as too risky due to its share-based structure and volatile pricing.
If you’re an investor, Betr’s push for a recount shows their determination to challenge MIXI’s bid. This dispute could delay or derail the takeover, keeping PointsBet’s future uncertain.
What’s Next for PointsBet
The failed vote means MIXI’s takeover is on hold, pending a Supreme Court of Victoria hearing on June 26. MIXI could propose a new offer needing only 50.1% approval, or Betr might push its own bid. For you as a bettor or investor, this could mean shifts in PointsBet’s strategy or market position.
The company’s share price, recently at $1.06, reflects the uncertainty, with a 5% drop after the recount news. Stay alert for updates as this battle reshapes Australia’s betting landscape.
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