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.