fic Consortium have today submitted a record AUS$7.3bn all-cash offer for the Australian gambling operator Tatts Group equating to $4.21 per share.

The group, which is a joint-venture between London private equity firm Macquarie Group and New York fund managers Kohlberg Kravis Roberts (KKR) hopes to scupper Tatts AUS $11 billion merger with Tabcorp holdings.

The merger was recently agreed but is still awaiting approval by the Australian Competition Tribunal, who have until the middle of June to confirm if the deal can proceed.

This new bid signifies a change of approach by the Pacific Consortium, which had previously submitted a cash plus shares listed deal for AUS$7.3bn in November 2016 which was rejected by Tatts governing body.

If the deal is agreed, Pacific hopes to split the lottery arm of Tatts away from the main group and incorporate it into a separate company to be listed on Australia’s stock exchange.

The agreed merger between Tabcorp holdings and Tatts Group looked to be in jeopardy earlier this year when Tabcorp was forced to pay a AUS$45m settlement to Australian financial watchdog AUSTRAC following an investigation which revealed evidence of non-compliance with Australia’s anti-money laundering/counter terrorism financing legislation.

Vocal opposition to the Tabcorp-Tatts merger within the Australian Gambling industry resulted in Tabcorp selling Odyssey, its Queensland based games machine business in an effort to speed up the merger between the two companies.

The Tatts governance committee has yet to officially confirm whether this new all cash bid by Pacific Consortium will be reviewed or rejected.