PointsBet's Decision Advances MIXI Deal, Sparks Protest from Betr
Tensions are high in the battle for PointsBet’s future direction, with Betr Entertainment making waves after demanding a do-over on the June 25 shareholder vote results. The company claims it was left out in the cold, with its voting power significantly impacting the final tally.
Worth Noting:
- **Betr owns 19.9% of PointsBet's voting shares and was apparently excluded from the vote.
- **The initial vote showed 95.69% shareholder approval for the MIXI acquisition, but Betr's exclusion changed the game.
- **Betr is threatening legal action if their vote isn't counted.
The drama started when Betr accused the meeting's chair of excluding its proxy vote against the MIXI takeover deal. Betr insists it submitted its vote and never withdrew it. The contested vote saw a whopping 81.9 million against the deal and 350.2 million in favor. But when Betr's proxy votes were accounted for, the support dropped from 69.47% to 95.69%. With a close margin, Betr believes its exclusion may have tipped the scales in favor of MIXI.
7Bit Casino177% up to 5BTC + 77 Bonus Spins! Join NowWith the final court hearing on June 26 just around the corner, Betr issued a direct warning: "If the chair of the meeting fails to include our vote and announces the results before the court hearing on the 26th, we will challenge the exclusion of our vote at the hearing."
This isn't Betr's first attempt to derail MIXI's plans. Before, Betr even proposed its own takeover bid, offering 3.81 Betr shares for each PointsBet share, valuing each share at AU$1.22. Despite promises of increased value and potential synergies, PointsBet rejected the bid, favoring MIXI's cash-per-share proposal of AU$1.20.
MIXI kept things cool while acknowledging Betr's protest and maintaining they're closely monitoring the situation. As the courtroom showdown or a new offer from Betr approaches, the future of PointsBet remains uncertain.
Betr, owning 19.9% of PointsBet's voting shares, maintains that it was unjustifiably excluded from the June 25 shareholder vote on the MIXI acquisition, a decision that could drastically impact the results due to its significant voting power. With the final court hearing on June 26 imminent, Betr has threatened legal action if its vote isn't acknowledged, citing potential manipulation of the vote tally and the potential consequences for PointsBet's business and future investing prospects.
