Japanese technology firm MIXI has successfully obtained crucial regulatory approval from Canadian authorities, bringing it one step nearer to finalizing its proposed acquisition of Australian betting company PointsBet Holdings. The Alcohol and Gaming Commission of Ontario (AGCO), following a comprehensive and detailed assessment, has formally stated it holds “no concerns” about MIXI’s plan to purchase shares in PointsBet.
This decision follows a written confirmation from iGaming Ontario (iGO), which also indicated no objection to the acquisition. With these developments, MIXI has now fulfilled a major condition under the Takeover Bid Implementation Deed (BID), which was signed with PointsBet on June 16, 2025. While these approvals mark a significant milestone, the deal still depends on other conditions being met, such as MIXI securing at least 50.1% acceptance from PointsBet shareholders.
Ontario Approval Removes Gaming-Related Obstacles
In its official announcement, PointsBet acknowledged that the Ontario approvals mean MIXI’s offer is no longer contingent on any gaming regulatory approvals. These clearances represent a major breakthrough in a takeover process that has faced several complications in recent months.
Earlier in the year, MIXI had also gained approval from the Northern Territory Racing and Wagering Commission in Australia. That approval, granted on March 24, 2025, had already set the stage for MIXI’s pursuit of PointsBet. More recently, Australia’s Foreign Investment Review Board (FIRB) also gave its consent, further clearing the regulatory path.
Despite this regulatory momentum, the acquisition still hinges on satisfying remaining conditions, most notably shareholder approval. MIXI’s offer, valued at approximately A$402 million through an all-cash bid of A$1.20 per share, must receive minimum acceptance from over half of PointsBet shareholders before it can proceed to completion.
Fallout from Shareholder Voting Error
The path to acquisition has not been smooth. In late June, PointsBet encountered a significant voting mishap during a crucial shareholder meeting. A system error caused by registry provider Computershare led to the exclusion of a 19.9% stake held by rival bidder Betr Entertainment from the initial vote tally.
Initially, it appeared MIXI’s earlier scheme of arrangement had passed the required 75% shareholder approval threshold. However, a recount that included Betr’s previously excluded stake overturned the result, revealing that the deal had actually fallen short. Computershare later issued a formal apology for the error. Betr, however, strongly criticized PointsBet’s handling of the vote, calling the board’s actions “unprofessional and irresponsible.”
As a result of this failed vote, MIXI pivoted from its original plan to a new off-market takeover proposal, offering the same A$1.20 per share in cash. According to PointsBet, this alternative approach is still subject to a limited number of conditions, including the 50.1% shareholder approval requirement.
Rival Bid from Betr and Remaining Competition
As MIXI moves forward with its backup plan, competition for PointsBet remains. Betr Entertainment is still pursuing its own takeover bid and has expressed concerns about PointsBet allegedly favoring MIXI. The rival company has urged PointsBet’s board not to fast-track MIXI’s offer and is advocating for what it describes as a fair and transparent bidding process.
A significant point of divergence between the two bidders is their approach to PointsBet’s Canadian operations. MIXI has committed to retaining the Canadian business, while Betr has only secured a non-binding agreement that would involve selling it off. This contrast could influence shareholder sentiment as both bids continue to unfold.
Meanwhile, MIXI is preparing to submit its bidder’s statement to the Australian Securities and Investments Commission (ASIC). The regulatory agency is also expected to examine the circumstances surrounding the invalidated vote, given the technical error and the subsequent reversal.
With regulatory approvals now largely behind them, MIXI and PointsBet await the final word from shareholders. As of now, the success of the acquisition hinges not on government scrutiny but on investor support.
Source:
‘’ONTARIO GAMING APPROVAL RECEIVED BY MIXI’’, listcorp.com, July 07, 2025.
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