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Australia – Entain increases Tabcorp offer to AU$3.5bn

By - 27 April 2021

Entain, the European betting giant and owner of brands such as Ladbrokes, has confirmed it has upped its offer to buy Australian sports betting operator Tabcorp to AU$3.5bn.

Tabcorp confirmed: “The revised proposal continues to be subject to numerous conditions including due diligence, arranging financing, receipt of all relevant regulatory approvals (including ACCC and FIRB) and obtaining various third party approvals and consents. The Tabcorp Board has not yet formed a view on the merits of the revised proposal and will assess it in the context of the previously announced strategic review.

“As stated, the objective of the strategic review is to assess and evaluate all structural and ownership options to maximise the value of Tabcorp’s businesses for the benefit of shareholders. These options may include a potential sale of the Wagering & Media business to a third party or a potential demerger of either the Wagering & Media business or the Lotteries & Keno business.”

Entain stated: “The Board of Entain notes the announcement by Tabcorp Holdings and confirms that it has made a revised offer of A$3.5bn to the Board of Tabcorp to acquire its Wagering and Media business. Entain believes that the Revised Proposal is compelling both in terms of the value it represents for Tabcorp shareholders in cash, and certainty of deliverability.

“The Proposed Transaction would be in-line with Entain’s current M&A strategy, and presents an opportunity to acquire an attractive business, which when combined with Entain’s existing Australian business, would create a leading, integrated multi-channel and multi-brand wagering company.”

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