ENTAIN UPS OFFER FOR TABCORP’S WAGERING & MEDIA ASSETS TO AU$3.5B

British gambling giant Entain has made an improved offer of AU$3.5B (€2.25B euro) approx. for the Wagering & Media arm of Australia’s Tabcorp. 

In early February Entain offered AU$3B for the assets, but it was rejected, along with a similar offer from another party. 

March saw Tabcorp announce a strategic review to assess and evaluate structural and ownership options. 

In a statement, Tabcorp said: “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. 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.”

If Entain does succeed in acquiring Tabcorp’s Wagering & Media arm, which currently holds around 43% of the Australian horse racing and sports betting market, the operator would become the biggest player in the country overnight. 

As reported last month, among the other parties reportedly interested in acquiring the Tabcorp assets is US media giant Fox Corporation, and US private equity firm Apollo.