MIXI Clears Government Hurdle in Bid to Acquire PointsBet

MIXI Moves Closer to Full Takeover

MIXI, a subsidiary of Tokyo-based MIXI, wants to fully acquire PointsBet in a deal worth about A$402 million. In February, the company offered A$1.06 per share. Later, it increased the bid to A$1.20 per share after a rival emerged. The new offer gives the company a stronger position and reflects a 13.2% premium over the initial bid.

On June 12, PointsBet announced that MIXI had received clearance from the Australian Foreign Investment Review Board. This approval satisfies one major condition in their Scheme Implementation Deed. However, MIXI still needs other approvals, including those from Canadian regulators, the court, and PointsBet shareholders.

Australian Rival Tries to Block the Deal

Betr, a local operator and former BlueBet brand, submitted a counteroffer of up to A$360 million. It also bought nearly 20% of PointsBet’s shares. The move may help Betr block MIXI’s plan or push for its own bid.

PointsBet shareholders will vote on the MIXI proposal on June 25. A court hearing will follow on June 26. If both go through, MIXI expects to finalize the deal in early July. Authorities in Ontario still need to approve the takeover as PointsBet operates in Canada.

Despite the competition and uncertainty, analysts remain positive. The latest rating for PointsBet stock is a Buy, with a price target of A$0.83. This suggests that experts believe the company could gain long-term value from the acquisition.