Tabcorp welcomes ACT’s decision

Tabcorp operates sports betting in Australia. Credits: smh.com.au
Tabcorp operates sports betting in Australia. Credits: smh.com.au

The Australian giant expressed its content with the latest decision from the ACT to accept the merger.

Australia.- Australian company Tabcorp has praised the Australian Competition Tribunal’s decision to allow the company to merge with Tatts Group during a release to the local Stock Exchange. The gaming operator expects to work on the implementation before the end of 2017.

Tatts shareholders are scheduled to vote on the transaction on November 30, but today starts the 28-day appeal period that could push back the dates. In a statement, the other Australian giant praised the decision from the tribunal to grant authorisation for the transaction, and said that it represents a significant step towards implementing the measure.

“The tribunal has decided to grant authorisation in respect of Tabcorp’s new application for authorisation of the transaction (which was filed on 29 October 2017), and also in respect of Tabcorp’s original application which was referred back to the tribunal for reconsideration by the Full Court of the Federal Court,” said Tabcorp.

After the ruling, Australian Competition and Consumer Commission (ACCC) Chairman Rod Sims declared that he was content with the outcome of the decision and that the commission is set to review the judge’s reasons, which are expected to be out today. “We were very happy with the full court decision, we felt that dealt with all of our issues, so if that is carried forward into this decision than that should be fine.”

In this article:
ACT australia Tabcorp