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...
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