MIXI Australia now boasts a majority shareholding in PointsBet after the Japanese conglomerate upped its stake in the operator to 66.43%.
In turn, MIXI Australia has completed its takeover offer for PointsBet, with the bid formally closing on 12 September.
Days before closing, MIXI Australia had assumed majority control of PointsBet, having become the “registered and beneficial owner” of 180,267,191 PointsBet shares, representing voting power of approximately 51.9%.
At the time of writing, MIXI Australia holds 230,893,535 PointsBet shares.
This offer marked the company’s “best and final offer” to PointsBet shareholders, as per MIXI Australia’s statement last week.
“PointsBet shareholders should not delay their acceptance in the expectation of any further price increase or extension to the offer,” the conglomerate warned.
“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.”
Shareholders that had accepted the offer before the closing date will now be paid, with MIXI Australia’s bid valuing PointsBet at a price of A$1.25 per-share, with the proposal set to rise to A$1.30 per share if the buyer secures a total holding of more than 90%.
That threshold is unlikely to be reached, given rival bidder Betr still holds a 19.9% stake in PointsBet and refused to accept MIXI Australia’s offer.
This latest development marks the end of a long running takeover saga that has seen Betr submit multiple takeover bids of its own.
However, throughout the process, the PointsBet board has viewed MIXI Australia’s offers as superior and regularly urged its shareholders to favour those bids.
The first vote was marred by a technical glitch, with PointsBet stating that a system error led to Betr’s vote not being included in the final tally.
As a result, a recount followed, which returned a result of 70.48% in favour of MIXI Australia’s proposal, which was insufficient for the takeover to proceed, which sparked the flurry of offers between the two bidders.
The post MIXI secures 66% holding in PointsBet and completes takeover first appeared on EGR Intel.
Japanese conglomerate now boasts majority holding in Australian operator as summer takeover saga nears conclusion
The post MIXI secures 66% holding in PointsBet and completes takeover first appeared on EGR Intel.