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Australia – Tabcorp confirms strategic review after Entain’s under-valued offer

By - 29 March 2021

Australian sports betting giant Tabcorp has said it is launching a broad strategic review after rejecting a $3bn bid from British company Entain.

Tabcorp Chairman Steven Gregg said it was no necessary for Tabcorp to ‘put a mark down in the market’ with a strategic review after months of speculation about a sale of its betting business or an unravelling from its lottery business.

The company said: “The Tabcorp Board has carefully considered the proposals and formed the view that the proposals do not adequately value Tabcorp’s Wagering & Media business. Tabcorp has consequently decided to undertake a strategic review to assess and evaluate all structural and ownership options to maximise the value of Tabcorp’s businesses for the benefit of shareholders.

“These options could include a potential sale of the Wagering & Media business to a third party or a potential demerger, which could be implemented via a separation of the Wagering & Media business or the Lotteries & Keno business. As part of this process, Tabcorp is also resuming its strategic review of the Gaming Services business.”

Tabcorp Chairman Steven Gregg added: “The assessment of Tabcorp’s strategic and ownership options includes, but is not limited to, a demerger or sale of one or more of our businesses. Our clear objective is to ensure that we fully maximise the value of Tabcorp’s gambling entertainment businesses for our shareholders.”

The strategic review is being undertaken and overseen by the Tabcorp Board of Directors. The search for a new Tabcorp Managing Director & Chief Executive Officer has been put on hold pending the outcome of the strategic review and David Attenborough will continue as Managing Director & Chief Executive Officer in the interim.

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