The contentious battle for control of Australian sportsbook PointsBet has intensified, with rival bidder Betr filing an application with the Australian Government Takeovers Panel.
Betr alleges that Japanese firm Mixi is engaging in anticompetitive tactics to secure its acquisition of PointsBet, thereby exploiting procedural delays and disadvantaging shareholders.
The application marks the latest move in a dramatic back-and-forth bidding war between the two companies.
In its submission, Betr claims Mixi is leveraging the ongoing Australian Government Takeovers Panel proceedings to its advantage.
The proceedings have caused a delay in the dispatch of Betr’s own bidder statement, preventing its offer from being formally presented to PointsBet shareholders.
Betr alleges that during this period, Mixi has actively sought to “lock up” acceptances from existing stakeholders, pressuring them to commit before they have an opportunity to properly evaluate the competing Betr offer.
Furthermore, Betr has raised concerns about a lack of transparency, noting that a confidentiality deed between Mixi and PointsBet has not been made public.
This practice deviates from standard market protocols designed to keep all parties fully informed. Betr has formally requested that PointsBet release the document for public review.
To level the playing field, Betr is petitioning the panel for immediate intervention. It has called for an interim restraining order to prevent Mixi from accepting further shareholder offers until the panel’s proceedings are complete.
Additionally, Betr is demanding that Mixi be required to offer withdrawal rights to shareholders who have already accepted its bid, and that the acceptance deadline for Mixi’s offer be extended to give all shareholders a reasonable period to consider both proposals side-by-side.
