Apollo makes US$3.10bn offer for Tabcorp

Apollo Global Management has put two new offers on the table for Tabcorp, one equaling the offer made by Entain last week and one offering US$3.10bn for including its gaming services business.

Australia.- Tabcorp has received a new offer to acquire its wagering and media businesses as well as an offer that includes its gaming services business.

After Entain improved its original proposal for the company’s wagering and media business to AU$3.5bn (US$2.7bn) last week, now the asset management company Apollo Global Management has stepped in equalling that offer.

However, Apollo has also made a separate offer adding in Tabcorp’s gaming services business for a combined value of AU$4bn (US$3.10bn).

In a press release, Tabcorp said: “The revised proposal is subject to numerous conditions including due diligence, arranging financing, receipt of all relevant regulatory approvals and obtaining various third party approvals and consents.”

Tabcorp said it had not yet formed a view on the merits of the revised proposal and will assess it in the context of its strategic review to evaluate all structural and ownership options to maximise the value of the company for the benefit of shareholders.

In February, Tabcorp reported AU$2.8bn (US$2.2bn) in revenue for the first half of its financial year.