Apollo makes $2.7bn bid for Tabcorp’s Wagering & Media arm

By Peter Lynch

Tabcorp has received a revised proposal from Apollo Global Management for its Wagering & Media arm worth AU$3.5bn (US$2.7bn).

The proposal matches that made by Entain in April 2021, with the UK bookmaker increasing its offer after initially offering AU$3bn for the struggling business in February.

Apollo has, however, alternatively made a proposal for Tabcorp’s Wagering & Media business and Gaming Services business for a combined value of AU$4bn.

The Tabcorp board stated it has not yet formed a view on the revised proposal, which is subject to several conditions, such as arranging financing, due diligence, receipt of all relevant regulatory approvals and obtaining various third-party approvals and consents.

Tabcorp added that it will assess the proposal in the context of its previously announced strategic review, which aims to evaluate all structural and ownership options to maximise the value of its businesses for the benefit of shareholders.

Interest from multiple parties prompted the launch of the strategic review, with board members debating whether to sell the struggling wagering and media arm or to demerge it from its lotteries arm and list it as a separate company on the ASX.

Lachlan Murdoch is another who has reportedly expressed interest in the business as his Fox Corporation looks to gain growth in the country.

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