Mixi is looking to its Plan B to complete its takeover of PointsBet after the vote on its scheme of arrangement proposal fell through last week.
A technical error in the ballot meant the vote from betr – PointsBet’s largest shareholder – was not counted. The vote looked like Mixi’s scheme of arrangement had initially passed, but a recount confirmed it did not have the required support.
However, ahead of last Wednesday’s vote, PointsBet and Mixi agreed that, should the resolution not pass, Mixi could go ahead with an off-market takeover to acquire all of the shares in PointsBet for AU$1.20 per share.
The Plan B offer requires 50.1 per cent of shareholder support and approval from Australia’s Foreign Investment Review Board (FIRB) and other regulatory authorities.
A betr statement said it “remains concerned that the PointsBet board is seeking to transfer control to Mixi without allowing a genuine contest to take place and that this may not result in an optimal outcome for PointsBet shareholders.”
“Betr calls on PointsBet not to permit the early despatch of MIXI’s Bidder’s Statement and opening of Mixi’s takeover offer. It is important that PointsBet’s shareholders have a reasonable opportunity to consider and comment on the Mixi Bidder’s Statement before the Mixi offer is capable of acceptance by shareholders.
“In the interim, betr continues to prepare its takeover offer direct to PointsBet shareholders and will share further details with the market in coming days.”
PointsBet has consistently said that betr’s offers have not provided as much value as Mixi’s $1.20 per share offer.
