On the 29th August, Mixi (2121 JP) cleared 50% of the voting power in PointsBet (PBH AU). It's Offer was automatically extended, and will now close on the 12th September.
Mixi has 51.59%. betr Entertainment (BBT AU) said it holds 20.45%, plus 6.5% in the IAF, the instructions for which can be withdrawn. betr said it won't accept Mixi's Offer.
Mixi adds betr will have no PBH board representation "either now or in the future"; and betr will continue to be a clear competitor. Additionally, PBH questions betr's buyback funding,
PointsBet is an illiquid stock. If that's not your bag, look away now.
The Trade:
Trading at Mixi's terms.
If in, tender into Mixi's Offer if looking for a meaningful exit. The Offer is unconditional.
Do not tender into betr's scrip Offer.
PBH may well trade higher into the back-end with Mixi's support; however I don't have a strong conviction on this.