Tabcorp Takes Aim at Potential Spoilers by Taking a Blocking Stake in Tatts
Tabcorp entered into a cash-settled equity swap over a 10% shareholding interest in Tatts. We see this as effectively a blocking stake to ward off potential rivals to the pending takeover proposal for Tatts. Our fair value estimates for narrow moat-rated Tabcorp and Tatts of AUD 3.80 and AUD 4.40 per share, respectively, are unchanged. The about AUD 640 million equity swap, combined with AUD 625 million in cash (AUD 42.5 cents per outstanding Tatts share held before accounting for the equity-swa...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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