Japanese entertainment company MIXI will not accept Betr’s all-scrip takeover offer for PointsBet, preventing Betr from reaching the 90 per cent ownership threshold needed to realise proposed synergies. MIXI currently holds acceptances covering 38.13 per cent of PointsBet shares and believes it is improbable that Betr will secure a controlling stake in the company.
MIXI’s stance challenges the assumptions made in Grant Thornton’s independent expert report, which valued Betr shares based on a 50-65 per cent ownership stake. MIXI contends that any potential synergies estimated by Betr would be significantly limited without achieving full control of PointsBet, a scenario they deem unlikely given their refusal to accept the offer.
PointsBet is an Australian corporate bookmaker licensed in the Northern Territory. The company provides online sports betting and iGaming products through its cloud-based platform. MIXI has cautioned PointsBet shareholders who intend to accept Betr’s offer to carefully consider the value of the Betr scrip they would receive.
MIXI suggests shareholders take into account Betr’s diminished prospects of extracting synergy value due to the blocked takeover. The Japanese firm’s decision effectively undermines Betr’s ability to gain a controlling interest in PointsBet and achieve the financial benefits outlined in its proposal.
