MIXI Australia has assumed majority control of PointsBet by obtaining relevant interest in more than 50% of the operator’s shares.
The Japanese conglomerate confirmed it has become the “registered and beneficial owner” of 180,267,191 PointsBet shares, representing voting power of approximately 51.9% in the Australian operator.
With MIXI Australia assuming majority control, PointsBet has now become a controlled entity and subsidiary of the company.
MIXI also reminded PointsBet shareholders that its A$1.25 per share takeover bid remains its “last and final” offer, with the deadline for its acceptance scheduled for 12 September.
A MIXI statement said: “PointsBet shareholders should not delay their acceptance in the expectation of any further price increase or extension to the offer.
“MIXI Australia’s offer price is full and fair, and represents MIXI Australia’s best and final offer to PointsBet shareholders. MIXI Australia urges all PointsBet Shareholders to accept the offer now.”
Last month, PointsBet’s board confirmed that every director had accepted MIXI’s proposal in favour of betr’s all-scrip offer.
Betr’s latest bid was for up to A$1.40 per share, whereby PointsBet shareholders would receive 4.375 betr shares for every PointsBet share they own.
In addition to dismissing betr’s bid, PointsBet’s board also informed shareholders that MIXI would most likely have control of the company at the conclusion of its takeover offer, and that it would be offering board representation to MIXI as part of the deal.
At the time, betr was PointsBet’s largest stakeholder, holding 19.9% of its shares. The company said it would refuse MIXI’s takeover offer.
MIXI has subsequently confirmed it will be accepting the board seats offered by PointsBet.
With MIXI assuming majority control of PointsBet, the firm said that betr would be unable to realise the full value of its offer and that it would not be engaging with the operator going forward.
The statement read: “MIXI Australia now has control of PointsBet, which is now a controlled entity and subsidiary of MIXI Australia. Amongst other things, this means that betr will not be able to achieve control of PointsBet nor realise the synergies estimated in its replacement bidder’s statement.
“MIXI Australia notes that betr believes that there is scope for potential synergy realisation through collaboration with a MIXI-controlled PointsBet.
“MIXI Australia does not intend to engage (nor to procure that PointsBet engages) in any such collaboration with betr.”
MIXI noted that it intends to vote its majority shareholding “against any resolution proposed at a general meeting of PointsBet to appoint or approve the appointment of any person affiliated with betr as a director of PointsBet”.
The post MIXI assumes control of PointsBet as takeover saga nears resolution first appeared on EGR Intel.
Japanese conglomerate becomes the “registered and beneficial owner” of more than 50% of the operator’s shares as deadline for acceptance of takeover offer approaches
The post MIXI assumes control of PointsBet as takeover saga nears resolution first appeared on EGR Intel.