PointsBet looks destined to be secured by MIXI after its board unanimously rejected the revised offer put forward by betr and confirmed that the Japanese outfit would make an off-market acquisition should shareholders fail to approve its takeover at a meeting next Wednesday.
PointsBet, an Australian-listed company with around 5 per cent Australian market share and operations both locally and in Canada, has been at the centre of an intense battle between fellow ASX-listed firm betr, and Japanese behemoth MIXI.
It was first announced in late February that the PointsBet board was recommending a $353 million offer from MIXI, who already have a small Australian presence through BetM. Within minutes, betr lobbed a counteroffer, which it said was superior.
PointsBet board rejected that offer, but betr, under chairman Matthew Tripp and chief executive Andrew Menz, doubled down, firstly acquiring nearly 20 per cent of its rival and then, in late April detailed how they had secured full finance for the proposed $360 million deal which features $260 million in cash and $100 million in scrip.
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