MIXI’s intended takeover of Australian bookmaker PointsBet has cleared another regulatory hurdle, with Canadian authorities offering no objection to the $400 million acquisition by the Japanese company.
PointsBet’s business covers both Australia and Canada and a key difference between the rival offers of MIXI and betr is the former has stated its intention to retain the Canadian arm, while the latter has secured a non-binding offer to sell it off.
The Northern Territory Racing and Wagering Commission approved a MIXI takeover in March, while last month, the acquisition received the nod from the Foreign Investment Review Board (FIRB) in Australia.
PointsBet announced Monday morning that following “an intensive and extended review” by the Alcohol and Gaming Commission of Ontario (AGCO), MIXI has received written confirmation that AGCO has no concerns with the proposed acquisition.
iGaming Ontario (IGO) has also given PointsBet its all clear on a takeover.
While the majority of regulatory aspects have been approved, betr still remain in the fight to secure PointsBet after a botched shareholder vote which initially saw the MIXI takeover approved, and then rejected after betr demanded a recount.
Bren O’Brien
The circumstances of that process, which Computershare conceded was due to a systems error, are set to be investigated by the Australian Securities and Investments Commission (ASIC).
In the meantime, MIXI has put forward an off-market bid. It remains subject to the satisfaction of certain other limited conditions. including a 50.1 per cent minimum acceptance of the proposed MIXI Offer.
Betr has a rival bid in play, with an update on that expected this week.
