Australian wagering company Betr Entertainment announced it has received overwhelming shareholder support for a key resolution linked to its proposed takeover of PointsBet, while also confirming it has cleared all necessary Canadian regulatory approvals.
More than 75 percent of Betr shareholders have indicated support for a Selective Buy-Back Resolution, a key step in the company’s all-scrip, off-market offer to acquire all shares in rival betting operator PointsBet. The resolution will be put to a formal vote at a shareholder meeting scheduled for August 25th.
Betr said it had received signed proxies and shareholder voting intention statements representing over three-quarters of all shares on issue. The company expressed strong confidence that the resolution will pass.
“This early and decisive support for the Selective Buy-Back Resolution from more than 75 percent of the Betr register will instill further confidence in PointsBet shareholders that the Selective Buy-Back will proceed as announced,” said Betr Chairman Matthew Tripp in a statement.
Under the proposal, the Selective Buy-Back will be available to all eligible PointsBet shareholders who accept Betr’s takeover offer. Full eligibility requirements are outlined in a meeting notice issued on July 24th.
Meanwhile, Betr confirmed it no longer requires further approvals from Canadian authorities, including the Alcohol and Gaming Commission of Ontario (AGCO) and the iGaming Ontario (IGO), clearing a major condition outlined in its Bidder’s Statement dated July 16.
The company said it will now move to waive the IGO Approval Condition in line with Australian corporate law, once the offer formally opens.
The latest developments come amid a heated takeover battle between Betr and Japan’s MIXI Australia for control of PointsBet.
Although Betr recently raised its offer—an unsolicited, conditional, all-scrip bid valuing PointsBet at approximately AU$1.35 ($0.84) per share—PointsBet’s board continues to unanimously recommend the rival AU$1.20 ($0.75) per share all-cash offer from MIXI.
Despite the higher headline value of Betr’s revised offer, PointsBet has maintained that it remains “materially inferior,” citing concerns over valuation risks, overstated cost synergies, and doubts about Betr’s operational strength.
The company has lodged an application with Australia’s Takeovers Panel alleging disclosure issues, leading to interim orders that restrain Betr from distributing its bidder’s statement until proceedings are resolved.
MIXI has already secured a relevant interest in 24.7 percent of PointsBet shares, along with an additional 1.9 percent through an institutional acceptance facility.
Betr, meanwhile, continues to argue that its proposal offers long-term strategic value and has urged shareholders to await formal bid documentation before taking action.
