MIXI successively gains dominion over PointsBet's voting process following prolonged period
In a dramatic turn of events, MIXI Australia, a subsidiary of the Japanese company MIXI, has secured a majority stake in PointsBet Holdings Limited, following a prolonged bidding war with rival Betr Entertainment.
The saga began in February 2025, when MIXI Australia made its initial bid of AU$1.06 per share for PointsBet. However, the process was not without its challenges. Betr Entertainment pushed back and made adjustments to its offer, prolonging the bidding war for several months.
MIXI Australia's persistence paid off, as PointsBet's Board of Directors consistently deemed their offers superior throughout the process. Despite Betr Entertainment's contention and its putforward of a rival all-scrip bid, MIXI Australia's offer of AU$1.25 per share was accepted.
The PointsBet Board of Directors had original concerns about Betr Entertainment as a potential buyer due to its dependency on fewer events and customers in sports. These concerns, along with questions about the transparency of the bidding process, added an air of uncertainty to the proceedings.
Betr Entertainment's preference for shares instead of cash may have dissuaded some hesitant shareholders, ultimately leading to MIXI Australia's success. The company's offer ended the bidding war, increasing its share in PointsBet from 51.59% previously, to a significant 66.43%.
Despite losing the bidding war, Betr Entertainment still holds a substantial stake worth 19.9% of PointsBet's total shares. The identity of the CEO or founder of Betr Entertainment involved in the bidding dispute over PointsBet Holdings Limited could not be ascertained from the search results provided.
This acquisition marks a significant milestone for MIXI Australia, solidifying its position in the global gaming industry. The future of PointsBet Holdings Limited remains to be seen, but one thing is certain: the bidding war has come to an end, and MIXI Australia is now a major player in the company's future.
