Betr Entertainment has demanded a recount of the shareholder vote held by PointsBet on 25 June regarding MIXI’s takeover bid, alleging that its proxy vote was excluded without justification.
Betr, which owns a 19.9% voting stake in PointsBet, said it voted against the acquisition proposal during the proxy process. However, Betr claims its vote was impermissibly left out of the final count.
Despite a closer proxy vote (with 69.47% in favor), the overall vote including direct shareholders saw 95.69% approving MIXI’s AU$1.20 per share cash offer — a total of 350.2 million votes for and 81.9 million against.
“The company confirms it validly lodged its proxy vote against the scheme,” Betr stated. “Betr did not, at any time, revoke that proxy.”
Betr now calls on the chair of the meeting to conduct a full recount including its proxy. If that does not happen before the court hearing scheduled for 26 June, Betr warned it would challenge the vote in court.
“If the chair of the meeting fails to do so and announces the results prior to the court hearing, Betr will challenge the exclusion of its vote,” the company warned.
Betr May Still Pursue Its Own Takeover Bid
Despite PointsBet rejecting its latest bid, Betr signaled it is not backing down. Its most recent proposal — an all-share offer of 3.81 Betr shares for each PointsBet share — valued each share at approximately AU$1.22, based on Betr’s share price of AU$0.32.
Betr claimed this deal would provide shareholders with “significant value enhancement” and generate over AU$40 million in synergies through full integration.
However, PointsBet’s board dismissed the offer, calling it “materially inferior” to MIXI’s all-cash proposal.
MIXI Responds to Shareholder Support
MIXI welcomed the outcome, praising PointsBet shareholders for their “strong support” of the acquisition.
“MIXI welcomes the strong support from PointsBet shareholders which PointsBet has announced as endorsing MIXI’s AU$1.20 per share proposal,” the company said.
MIXI also acknowledged Betr’s objections, stating that it is “monitoring the situation closely” and will provide updates as necessary.
