PointsBet announced that MIXI Australia (MIXI) has successfully obtained written confirmation from the Alcohol and Gaming Commission of Ontario (AGCO) regarding its suitability for the proposed acquisition of shares in PointsBet.
In a dispatch, PointsBet informed that following an extensive review process, AGCO has expressed no concerns about MIXI’s acquisition, and received approval from iGaming Ontario (iGO) concerning this transaction. With this approval, the prerequisite condition related to Ontario approvals has been met.
MIXI’s proposed takeover bid is now only subject to a few remaining conditions, including a requirement for a minimum acceptance of 50.1 percent of the proposed MIXI Offer.
Additionally, PointsBet confirmed that Australia’s Northern Territory Racing and Wagering Commission granted its approval for MIXI’s acquisition on March 24th 2025, meaning the takeover bid is no longer contingent on any gaming regulatory approvals.
The competition for control of PointsBet escalated when the company officially received MIXI’s off-market all-cash takeover offer of AU$1.20 ($0.78) per share. This offer follows provisions of a bid signed earlier this month, which stipulated a takeover if the previous scheme was not approved.
The PointsBet board has unanimously recommended shareholders accept MIXI’s offer, arguing it provides greater value and fewer risks compared to a competing all-scrip proposal from Betr Entertainment. The board stated, ‘MIXI’s offer delivers certainty in the form of cash,’ while emphasizing the speculative nature of Betr’s proposal.
MIXI has garnered strong shareholder support, with over 95 percent of votes cast—excluding Betr—favoring its scheme. The offer represents a 44.6 percent premium over PointsBet’s pre-announcement price.
Rival bidder Betr Entertainment recently claimed that its vote was improperly excluded from a key shareholder meeting, potentially setting the stage for legal challenges. Betr has warned that if its vote is not counted before a crucial court hearing, it will contest the outcome in court.
PointsBet rejected Betr’s accusations, stating they were ‘factually inaccurate and without basis,’ and confirmed that the vote was overseen by an independent share registry.
