Betr Entertainment has secured support from 75 per cent of investors ahead of a crucial vote on a selective buyback. The company is currently engaged in a hostile takeover of PointsBet, an ASX-listed betting group. PointsBet’s board, however, supports a takeover offer from Japanese company Mixi.
The vote, scheduled for August 25, is anticipated to pass without difficulty, with proxies and voting intentions indicating strong support for the resolution. The buyback is available to eligible PointsBet shareholders who accept Betr’s all-scrip, off-market takeover offer. Details regarding eligibility are outlined in Betr’s notice of meeting dated July 24.
Betr has confirmed that no further regulatory approvals are required in Canada. Having already received clearance from the Alcohol and Gaming Commission of Ontario, the company is confident it can waive the remaining condition related to the iGaming Ontario regulator once the offer formally opens. Matthew Tripp, Chairman of Betr, expressed confidence that the early support “will instil further confidence in PointsBet shareholders that the Selective Buy-Back will proceed as announced”.
Meanwhile, Mixi, a Japanese company, is advancing its planned takeover of PointsBet. Mixi has amassed 28 per cent of all shares in the ASX-listed betting group. PointsBet provides online wagering and gaming products through its cloud-based platform. The company aims to offer innovative sports and racing wagering products and services.
