Australia’s largest bookmaker Tabcorp says the several unsolicited approaches and proposals for its wagering & media business do not adequately value the business.
Ladbrokes Australia and Neds holding company Entain Group was the front runner in negotiations which valued the Wagering and Media business at $3billion AUD.
The Tabcorp Board carefully considered the proposals and formed the view that the proposals do not adequately value Tabcorp’s Wagering & Media business.
These options could include a potential sale of the Wagering & Media business to a third party or a potential demerger, which could be implemented via a separation of the Wagering & Media business or the Lotteries & Keno business. As part of this process, Tabcorp is also resuming its strategic review of the Gaming Services business.
“The assessment of Tabcorp’s strategic and ownership options includes, but is not limited to, a demerger or sale of one or more of our businesses,” said Tabcorp chairman Steven Gregg.
“Our clear objective is to ensure that we fully maximise the value of Tabcorp’s gambling entertainment businesses for our shareholders.”
The search for a new Tabcorp managing director & chief executive officer has been put on hold pending the outcome of the strategic review and David Attenborough will continue in that role in the interim.
