PointsBet has completed a recount of votes from its recent shareholder meeting, and with Betr’s voting rights reinstated, the proposed takeover offer by Japanese group Mixi has officially been rejected.
Initially, the acquisition seemed certain to pass, with 95.69% of votes in favour and just 4.31% against.
However, complications arose when it was discovered that a senior officer at Betr had logged in and revoked the company’s votes — an action later attributed to a system error, not misconduct.
Following a formal request from Betr, PointsBet included the disputed votes in a new tally. This significantly altered the outcome, with support for the Mixi deal dropping to 70.48% — short of the 75% threshold required to approve shareholder-level resolutions.
Despite the rejected offer, Mixi has returned with a revised, off-market takeover offer. This new bid is an all-cash proposal of $1.20 per share, valuing PointsBet at approximately $402 million. The offer comes at a time when PointsBet shares are trading at $1.18 — their highest value in a year, following a pre-takeover proposal low of $0.83.
The all-cash nature of Mixi’s new offer is being promoted as more secure compared to Betr’s all-scrip alternative, which carried greater uncertainty.
Importantly, the PointsBet Board has now unanimously backed the latest offer from Mixi and is encouraging shareholders to accept. This time, only a simple majority of 50.1% is required to move forward.
