MIXI makes new offer for PointsBet after Betr forces recount
A recount invalidated initial shareholder approval of the MIXI deal.
Australia.- Earlier this week, PointsBet announced that shareholders had approved a deal under which MIXI would acquire the company at AU$1.20 (US$ 0.77) per share in cash. However, Betr, which holds a 19.9 per cent stake and had made its own bid, challenged the results, alleging that its proxy vote had been excluded without justification.
PointsBet initially dismissed the claims, asserting that a senior Betr officer had revoked the proxy during the meeting, but it has now conceded that a Computershare system error had excluded Betr’s vote. The corrected tally reveals that MIXI’s proposal failed to meet the required shareholder majority, with only 70.48 per cent voting in favour.
MIXI has returned with an amended, off-market proposal offering the same AU$1.20 per share under simplified conditions. It says it still holds the board’s support and is preparing a bidder’s statement.
Meanwhile, Betr continues to criticise PointsBet’s handling of the process, calling it a “failure of appropriate governance”. Betr’s offer, which equates to approximately AU$1.22 (US$ 0.79) per share in company stock, was previously rejected as being of lower value and higher risk.
