The latest bid is a significant increase from the original Entain offer in early February of AU$3bn, which was formally rejected last month. The Australian firm also rejected a similar offer from another party, stating that the proposals did not “adequately value Tabcorp’s Wagering & Media business.”

Last month also saw Tabcorp announce a strategic review to “assess and evaluate all structural and ownership options,” with that review to assist the company’s board in making a decision on the latest Entain offer.

“The Tabcorp Board has not yet formed a view on the merits of the revised proposal and will assess it in the context of the previously announced strategic review,” a statement from Tabcorp read.

“As stated, the objective of the strategic review is to assess and evaluate all structural and ownership options to maximise the value of Tabcorp’s businesses for the benefit of shareholders.”

Tabcorp’s Wagering & Media division holds around 43% market share within Australia’s horse racing and sports betting market. Entain would immediately become the largest player in the market should it succeed with the improved proposal.