Betr has lodged an application with the Australian Government Takeovers Panel to review Mixi’s attempt to buy PointsBet. The Australian betting company alleges that Mixi is taking advantage of procedural delays in the panel’s proceedings to strengthen its position before it presents a formal competing offer to shareholders.

According to Betr, the ongoing panel review has delayed the distribution of its replacement bidder’s statement and the official opening of its offer. The company claims Mixi is using this delay to gain control of PointsBet by securing acceptances from shareholders before they have the opportunity to consider their proposal.

Call for Interim Restraining Order

In its application, Betr has requested that the Takeovers Panel impose an interim restraining order to prevent Mixi from accepting further shareholder approvals until the proceedings are resolved. They believe this is necessary to ensure fairness in the process and allow PointsBet to compare both offers without undue pressure.

Betr alleges that the tech firm has locked up acceptances from certain existing stakeholders while the final outcome of the panel’s review remains uncertain. It also claims undecided parties are being encouraged to accept MIXI’s bid without being able to compare Betr’s forthcoming offer. The company warns that this could undermine shareholder confidence in the fairness of the takeover process.

Concerns Over Transparency

Another point of contention is MIXI’s confidentiality deed with PointsBet, which Betr claims hasn’t been disclosed to the market. The company argues that withholding this information goes against standard market practice, which prioritises transparency to ensure equal access to relevant details.

Betr has called for PointsBet to release the deed so the market can properly assess conditions or restrictions that might influence the transaction. They insist public disclosure is in the best interest of shareholders.

Extension and Withdrawal Rights Requested

In addition to halting further acceptances, Betr seeks withdrawal rights for those who have agreed to MIXI Australia’s offer. This creates room to reconsider once their proposal is officially available.

Furthermore, the betting company wants an extension of the acceptance deadline for Mixi’s bid. This will give shareholders a reasonable period to assess options side by side. The company maintains that these measures will promote a transparent process, ensuring that PointsBet can make an informed choice.

The Takeovers Panel is yet to announce its decision on Betr’s application, leaving the acquisition battle’s future uncertain. Market watchers anticipate a tense standoff in the days ahead.