The protracted bidding wars for PointsBet appears to be over, as the company’s Board of Directors has unanimously recommended that shareholders ignore a rival offer from Betr in favor of the previously announced takeover offer from Japanese entertainment company, Mixi.
In a decisive move, the board has thrown its full support behind Mixi, effectively sealing the deal.
The recommendation came as Mixi solidified its position by increasing its holding in PointsBet shares to 36.72%, up from its previous 33.71%.
Further cementing the decision, a statement on PointsBet’s investor relations page confirmed that every director on the board has now personally accepted the Mixi Takeover Offer.
The company 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.
In a clear signal that the company is moving forward exclusively with Mixi, PointsBet announced the cancellation of a shareholder meeting that had been scheduled with Betr for August 18.
The meeting was intended to approve a selective buy-back as part of Betr’s proposal. The operator also formally withdrew its notice related to that meeting.
This development marks the culmination of a months-long battle for control of the Australian sportsbook. The saga began in February when Mixi first proposed a $223.2 million takeover.
Betr entered the fray in April with a competing proposal, triggering a series of counter-offers and revised bids from both suitors.
The process involved multiple approvals and re-approvals from regulatory bodies as both companies vied for the acquisition. With the PointsBet board now fully committed to the Mixi deal, the chapter appears to have finally closed.
