Recently, PointsBet recounted the voting results of the shareholders' meeting, and after including the votes from Betr, Mixi's acquisition proposal for PointsBet did not pass.
The initial voting results showed that, excluding Betr's votes, the support rate was 95.69% and the opposition rate was 4.31%, far exceeding the 75% threshold required for approval. However, later a Betr executive logged in and revoked the company's original vote. After a recount including Betr's new votes, the results were 70.48% in favor and 29.52% against, not meeting the 75% minimum requirement.
Computershare clarified that the revocation of Betr's votes was due to a system error, not an intentional withdrawal by the executive.
Despite the acquisition not being approved, the Japanese entertainment group Mixi has not given up and has made a new off-market all-cash offer at $1.20 per share, slightly higher than PointsBet's opening price today of $1.18.
It is worth noting that this price is the highest level for PointsBet in the past year, significantly higher than the $0.83 before the first acquisition proposal was made. Based on this valuation, the new all-cash offer is approximately $402 million, and compared to Betr's all-stock plan, it carries lower risk and uncertainty.
The PointsBet board unanimously recommends that shareholders accept this all-cash offer, with a minimum approval threshold set at 50.1%. This move indicates that despite challenges, Mixi remains actively pursuing the completion of the acquisition.
