The British gaming giant Entain has upped its original offer for Tabcorp from AU$3bn to AU$3.5bn.
Australia.- Entain has improved its original proposal to acquire Tabcorp’s wagering and media business to AU$3.5bn (US$2.7bn).
Entain said: “[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.”
Tabcorp Board has yet to respond to the new offer. It said the company wants to assess and evaluate all structural and ownership options “to maximise the value of Tabcorp’s businesses for the benefit of shareholders.”
Tabcorp reported AU$2.8bn (US$2.2bn) in revenue during the first half of the 2020/2021 financial year, down 1.5 per cent year-on-year.
If Entain finally acquires Tabcorp, it would become the largest player in Australia’s horse racing and sports betting market as Tabcorp holds almost 43 per cent share of the market.
The British company has recently completed the acquisition of the global sports betting and gaming group, Enlabs AB. In October 2020, it also acquired the Portuguese operator Bet.pt.