MIXI to block Betr board representation after taking control of PointsBet
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The news: Online bookmaker PointsBet has confirmed that it is now a subsidiary of MIXI, after the Japanese group took its shareholding to 51.59% following a months-long takeover battle with Betr Entertainment.
The numbers: PointsBet said that fellow suitor and ASX rival Betr will now "not be able to achieve control of PointsBet nor realise the synergies estimated in its replacement bidder's statement".
On Friday, Betr conceded that all of the synergies it had targeted as part of its all-scrip offer for PointsBet would not be possible after MIXI secured a controlling interest. But that "there remains scope for potential synergy realisation through collaboration with a MIXI-controlled PointsBet".
However, PointsBet said this morning that "MIXI Australia does not intend to engage (nor to procure that PointsBet engages) in any such collaboration with Betr".
PointsBet noted that there will be legal constraints on MIXI's interactions with other shareholders, flagging that MIXI "cannot and will not act in concert with Betr or enter into any agreement, arrangement or understanding with Betr in relation to the composition of PointsBet's board or the conduct of PointsBet's affairs".
What they said: "MIXI Australia notes that having regard to all of the circumstances, including Betr's status as a competitor of PointsBet, MIXI Australia intends to vote its majority shareholding against any resolution proposed at a general meeting of PointsBet to appoint or approve the appointment of any person affiliated with Betr as a director of PointsBet," PointsBet said in an ASX release.
The source: ASX
