MIXI Australia appears to be closing in on its takeover of PointsBet with the offer now confirmed as wholly unconditional.
MIXI currently holds 36.71% of voting rights in the Australian betting company, with the subsidiary of MIXI Inc set to pay AU$1.25 (US$0.82) per share if the transaction goes ahead.
The offer period runs through August 25, in a potential deal that will reverberate around the wider sports betting industry due to its significance.
An official communication to the Market Announcements Office on Monday stated that, “The PointsBet Board unanimously recommends that PointsBet Shareholders ACCEPT the MIXI Takeover Offer, in the absence of a superior proposal.”
MIXI’s prospects are increased after PointsBet urged shareholders on August 19 to “take no action” on the rival bid from betr entertainment, which currently holds a 19.6% stake in PointsBet.
This came after the selling entity welcomed the “greatly improved disclosure” from betr on the risks and uncertainties terms of its proposal.
Betr’s all-scrip takeover offer values PointsBet at around AUS$1.25 to $1.35 per share, dependent on betr’s trading price at a ratio of 4.219 of its shares for each belonging to PointsBet.
The offer will close on September 22, unless extended, but all signs point to MIXI closing a deal.
Takeovers Panel rejects betr complaint
Their chances have increased further after the Takeovers Panel of the Australian Government dismissed betr’s complaint that MIXI had initiated and gained a timing advantage to engineer an uneven playing field.
Betr’s complaint asserted that MIXI had manipulated the process by declaring its own cash bid as unconditional, giving it a potential advantage over the betr proposal, which had not yet opened for acceptance.
Ultimately, the panel found no reasonable prospect of “unacceptable circumstances”.
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