ACCC accepts ruling over Tabcorp-Tatts merger

The commission said that it won’t challenge the ACT’s decision to move on with the merger between Tabcorp and Tatts.

Australia.- The Australian Competition and Consumer Commission (ACCC) commented its intentions to not challenge the Australian Competition Tribunal’s (ACT) decision to allow the merger between local giants Tabcorp and Tatts.

After the announcement by the ACCC, both companies said that they expect the merger to happen on December 22, subject to final approvals, “Tabcorp and Tatts have now waived the competition condition precedent in the merger implementation deed. Other than Tatts shareholder consideration of the proposed combination at a meeting scheduled for December 12 and further consideration by the Supreme Court of Victoria at a hearing scheduled for the December 13, there are no other conditions precedent to the implementation of the transaction,” said the two companies.

The ACT approved the merger in November and said that the tribunal was satisfied in all the circumstances that the proposed merger would result, or would be likely to result, in such a benefit to the public that the acquisition should be allowed to occur.

Moreover, online bookmaker CrownBet has decided to move on from the discussion regarding a merger between Tabcorp and Tatts. The company reached a settlement agreement with Tabcorp in order to make it official. Tabcorp said that it entered into a settlement agreement that establishes that CrownBet withdraws it’s opposition to the upcoming merger and in exchange Tabcorp will supply a digital stream of horse racing channels SKY 1 and SKY 2 to CrownBet for wagering customers’ use on mobile and desktop.

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