Cash Is King as Pacific Consortium Emerges With an Attractive Revised Proposal to Acquire Tatts
As anticipated in our prior research reports, Pacific Consortium has emerged with a revised indicative and conditional proposal to acquire Tatts. The revised proposal would see Tatts shareholders receive all-cash consideration of AUD 4.21 per Tatts share. It is superior to and cleaner than the consortium's previous complicated cash and scrip proposal, and is also in line with the implied Tabcorp bid at current market prices. We have raised our Tatts fair value estimate by 5% to AUD 4.20 per shar...Tabcorp Holdings is an Australian gambling entertainment company. Co. has three segments: Wagering and Media operations, which includes its network of TAB agencies, hotels and clubs, and on-course totalisators in Victoria, New South Wales and the Australian Capital Territory (ACT) as well as its Three Sky Racing television channels broadcasting thoroughbred, harness and greyhound racing and other sports; Gaming Services business, which consist of Tabcorp Gaming Solutions that provides a mix of gaming capabilities, services, advice and financing to licensed gaming venues; and Keno business, a random number game that is distributed to clubs, hotels and TABs and is available online in the ACT.
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