Published
Mergers & AcquisitionsSports Betting

Tabcorp confirms approaches from multiple parties

Tabcorp has announced it has “received a number of unsolicited approaches and proposals” to buy its wagering and media business, but that there is no certainty any deal will take place.

tabcorp aus

The Australian operator made the announcement in response to media reports in The Australian, confirming it has been approached about splitting its wagering business from its lotteries business.

“Tabcorp confirms it has received a number of unsolicited approaches and proposals in relation to a potential transaction involving Tabcorp’s Wagering and Media business,” a statement from the company read.

“The proposals were expressed to be confidential, indicative, non-binding and subject to numerous conditions including due diligence, financing and various regulatory approvals. “There is no certainty any transaction will occur.”

Shares in the group rose 8% to AU$4.43 (US$3.37) upon the news, while Credit Suisse recently valued the wagering and media arm – which has been struggling due to COVID-19 and fierce competition – at AU$3bn.

But investors such as Tanarra Capital, Perpetual and Investors Mutual all advocated for change last year, leading to the departure of chairwoman Paula Dwyer in December.

Tabcorp CEO David Attenborough is due to leave later this year.

“The Tabcorp board is assessing the proposals and Tabcorp will update the market in due course,” the company added.

Premium+ Connections
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Seminole Hard Rock Support Services
Seminole Hard Rock Support Services
Metropolitan Gaming
Holland Casino
Nederlandse Loterij
Follow Us

Facing Facts: Q1 2024 analysis from across the globe

Gambling Insider tracks the Q1 results of operators across t...

Taking Stock: A guide to sports betting operator and supplier prices

Gambling Insider tracks sports betting operator and supplier...

Tailor-made: The power of personalisation in the modern gaming industry

With insights from GR8 Tech, Greentube and the Oregon Lotter...

Sportradar and the Taiwan Sports Lottery: More offerings, greater efficiency

Danny Fok, VP of Strategic Projects at Sportradar, speaks al...