Entain ups offer for wagering unit of Australia's Tabcorp
Ladbrokes and Coral owner Entain has made an improved offer of AUD$3.5bn (£1.95bn) for the wagering and media division of Australia’s Tabcorp.
Tabcorp rejected offers valuing the unit at around AUD$3bn, with the board saying they did not adequately value the 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 UK company said on Tuesday.
“The proposed transaction would be in-line with Entain's current mergers and acquisition 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.”
Tabcorp told investors the board has not yet formed a view on the merits of the proposal.
Entain, which also runs Bwin and Sportingbet said in February that it was in “early stage” discussions with Tabcorp Holdings.