MIXI has upped the ante in its battle for PointsBet, confirming it will utilise its controlling interest in the company to establish a presence on the PointsBet board, while preventing betr from doing the same.
In its latest statement, MIXI, which now holds 51.9 per cent of PointsBet shares, has said it has no intention to collaborate with betr, which holds a relevant interest of 20.5 per cent.
MIXI’s final offer closes this Friday, after which point it has confirmed that will not be able to secure further shares in PointsBet for another six months.
“There will also be legal constraints on MIXI Australia's interactions with persons who retain a relevant interest in PointsBet shares,” its statement said.
“In particular, MIXI Australia cannot and will not act in concert with betr or enter into any agreement, arrangement or understanding with betr in relation to the composition of PointsBet's board or the conduct of PointsBet's affairs.”
While MIXI will assume majority representation on the PointsBet Board, it will use this position to prevent betr from getting a director position, citing betr as a competitor of PointsBet.
MIXI wanted to secure in excess of 90 per cent of PointsBet, and offered a premium to achieve this, but won’t be able to do so without betr opting to sell out, something the ASX-listed bookmaker has said it won’t do.
MIXI has warned it expects PointsBet shares to drop in value should its offer lapse.
As of 3pm Monday, PointsBet shares were trading at $1.26, while betr is at 27 cents.
