The complicated nature of Japanese company MIXI’s intended takeover of PointsBet has taken a farcical turn with PointsBet’s board now conceding that it hadn’t received the required approval from shareholders during a shareholder scheme meeting.
A system error from Computershare, which conducted the vote, was blamed for Betr’s proxy votes being excluded from the final vote count on Wednesday, which meant that the $400 million MIXI takeover would have been approved.
Betr holds 19.9 per cent of PointsBet and had stated it would vote against the MIXI deal.
A revised vote tally was published on Thursday morning, indicating that only 70.5 percent of eligible shareholder votes had been cast in favour of the MIXI deal. It needed 75 per cent of votes to pass.
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