Published
OnlineLotteryMergers & AcquisitionsIndustry

Date set for Tabcorp/Tatts merger following Supreme Court approval

The

tabcorpandtatts
long running A$11.3bn merger saga concerning Australia’s two biggest lottery operators, Tabcorp Holdings and Tatts Group looks to be coming to a close after the Supreme Court of Victoria approved the takeover schedule.

In a statement, Tabcorp confirmed that court orders have been lodged with the Australian Securities and Investment Commission and as such the scheme of arrangement is now effective.

Both Tabcorp and Tatts Group have confirmed that the scheme of arrangement, essentially the merger between the two businesses will be implemented on Friday 22 December. Upon commencement of the merger proceedings, Tatts Group will be absorbed into Tabcorp.

Writing to shareholders, Tabcorp chairman Paula Dwyer said: “The combination brings together two highly complementary businesses and a strong pool of talent from within each organisation, ensuring that the combined group is well positioned to invest, innovate and compete in a rapidly evolving operating environment.

“The combination is expected to create significant value for Tabcorp shareholders, and benefits for our customers, racing industry, agencies, licenced venues, newsagents, and Federal, State and Territory Governments.”

This latest development follows Tabcorp completing its divestment of its interests in Odyssey Gaming Services, a key factor in the Australian Competition Tribunal’s decision to green-light the merger between the two companies.

Following the approval of the scheme of arrangement, Tatts Group have announced payment of a 16 cent special dividend to its shareholders and have confirmed the suspension in trading of the group's ordinary shares on the Australian stock exchange.

Subject to regulatory approvals, the merger is expected to take around two years to complete.

Premium+ Connections
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Chicken Ranch Casino
The Responsible Gambling Affiliate Association (RGAA)
Catena Media
Gambling Commission
Follow Us
The most prestigious Awards in the industry are heading to the Philippines! The Global Gaming Awards Asia-Pacific will recognise and reward (as the name suggests) the strongest performers from the Asia-Pacific gaming industry across the previous 12 months.
This year's winners will be announced at a luncheon ceremony on Day 2 of SiGMA Asia, 4th June, in Manila.
The eleventh annual Global Gaming Awards Americas will recognize and reward the gaming industry's strongest performers across the previous 12 months. These are the most prestigious and trusted Awards in the industry and have gained respect amongst industry heavyweights, due to the strict rules and procedures put in place.

Facing Facts: Operator Q3s from across the globe

Gambling Insider compares Q3 2023 results from major gamblin...

Taking Stock: Operators and suppliers across the world

Sticking with our theme of gambling across the globe, Gambli...

CEO Special: Jade Entertainment and Gaming CEO Joe Pisano - down to earth

Jade Entertainment and Gaming CEO Joe Pisano speaks to Gambl...

CEO Special: Betfred CEO Joanne Whittaker - saying it as it is

Betfred CEO Joanne Whittaker joins Gambling Insider Editor T...