Revised Scheme of Arrangement Enters Crucial Final Stages
Japanese digital entertainment firm Mixi has increased its proposed acquisition price for Australian wagering company PointsBet, signaling a clear intent to secure shareholder support and regulatory approval for the deal.
The revised purchase price of AU$398 million (US$264 million), approved by Mixi’s Board on 2 June 2025, represents a significant increase from its earlier February offer of AU$335 million (US$223.2 million). The acquisition is progressing under a Scheme of Arrangement (SOA), a formal takeover mechanism governed by the Australian Corporations Act.
Scheme of Arrangement: A Structured Path to Takeover
The proposed SOA outlines a court-supervised process through which Mixi will acquire all ordinary shares of PointsBet. The revised terms were disclosed in alignment with PointsBet’s regulatory obligations to the Australian Securities Exchange (ASX).
For the scheme to proceed, several hurdles remain. PointsBet’s shareholders must approve the deal by a majority in number and at least 75% of votes cast, while additional approvals must be obtained from the Federal Court of Australia and the Foreign Investment Review Board (FIRB).
A Scheme Meeting is scheduled for 25 June 2025, with full implementation targeted for 8 July 2025, although both dates are provisional and subject to change based on regulatory and court timelines.
Strategic Rationale and Contingency Planning
Mixi’s decision to increase its offer reflects not only its strategic interest in expanding its presence in international gaming markets but also a desire to pre-empt potential shareholder resistance or competing bids. If the SOA fails, Mixi has not ruled out an off-market takeover bid as an alternative route.
The acquisition comes amid a period of heightened M&A activity in the gambling sector, with PointsBet having received multiple acquisition approaches earlier in 2025.
What’s Next?
Mixi has stated it will disclose the financial and operational impact of the acquisition once the deal is finalized. Shareholders and market watchers are urged to monitor ASX announcements for any updates on the process.
If completed, the deal will mark a significant Japanese investment into Australia’s digital betting market, positioning Mixi as a stronger global competitor.
