Mixi Takes Commanding Lead in PointsBet Takeover with 66.4% Voting Power
Japanese entertainment group Mixi has significantly advanced its bid to acquire Australian bookmaker PointsBet. Through its subsidiary PlayUp (Japan), Mixi now holds 66.4% of the voting power in PointsBet. This development marks a crucial step toward the full acquisition of the ASX-listed company. The takeover offer, initially launched in November 2023, has garnered strong support from PointsBet shareholders.
Mixi’s proposal valued PointsBet shares at AU$1.15 (US$0.76) each. This offer presented a substantial premium to PointsBet’s share price prior to the initial bid announcement. The Board of Directors at PointsBet had previously and unanimously recommended that shareholders accept Mixi’s attractive proposal. They highlighted the significant value and liquidity the offer provides.
Strategic Expansion and PointsBet’s Future
This strategic acquisition is set to facilitate PointsBet’s expansion into the lucrative Japanese market. Mixi, a prominent Japanese company, sees value in PointsBet’s established technology and expertise in online betting. The collaboration aims to leverage PointsBet’s betting platforms within new entertainment offerings in Japan. This move aligns with PointsBet’s long-term growth ambitions beyond its existing markets.
Upon the successful completion of the takeover, PointsBet will be delisted from the Australian Securities Exchange (ASX). However, the company will retain ownership and operation of its Canadian and Australian businesses. This strategic focus follows a major divestment earlier in 2023.
PointsBet successfully sold its US business to Fanatics for $225 million, with that transaction closing in August 2023. This enabled the company to streamline operations and concentrate on its core markets and this new potential for growth with Mixi. Earlier in 2023, PointsBet had also explored the possibility of selling its Australian business to Entain, though those discussions did not result in a deal. Mixi’s current offer, standing at a robust 45.9% premium to PointsBet’s closing price before the offer was made public, underscores the strong value proposition for shareholders. The securing of over two-thirds of the voting power in PointsBet signals a clear path forward for Mixi’s complete acquisition.
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