After the approval from Tatts’ shareholders and a sale from Tabcorp, the companies are one step closer to the merger.
Australia.- Tatts shareholders finally approved the proposal for Tabcorp to acquire the whole issued capital of the business after an arrangement. The latest meeting where 99.5 percent of the shareholders were present to hear details of the proposal ended up with 98.6 percent of the votes in favor of the merger.
The company revealed that it has applied to the Supreme Court of Victoria for approval of the measure at a hearing scheduled for today, with more details by the end of the day. If everything goes as planned, the companies would complete the merger by December 22.
Moreover, Tabcorp also completed the sale of its Odyssey Gaming Services arm that is required to move forward with the process. The sale comes after concerns raised by the Australian Competition Tribunal (ACT), which questioned the level of competition in Australia if the companies decided to proceed with the process. Whilst the ACT ruled in favor of the merger, it established that Tabcorp had to get rid of its Odyssey Gaming division.
Last week, 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. Furthermore, 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.