Tatts Group receives Pacific Consortium's takeover offer
A group backed by private equity firm KKR & Co KKR.N on Wednesday said it had made a revised A$6.15 billion ($4.65 billion) offer for Australia's biggest lottery operator Tatts Group Ltd TTS.AX , upping the ante in a bidding war against Tabcorp Holdings Ltd TAH.AX .
Tatts said on Wednesday that it is assessing the new proposal from Pacific Consortium and advised shareholders not to take any action yet in relation to it.
The Consortium is offering to pay $4.21 per Tatts share, which puts its enterprise value at around $7.2 billion.
The cash-and-scrip offer comprised $3.40 in cash, and one share in Tatts' wagering and gaming businesses - referred to as '"Wagering & Gaming Co" - which Pacific Consortium meant to separate from Tatts' lottery business should the takeover bid succeed.
KKR-backed Pacific Consortium's bid of A$4.21 a share compares with the A$4.209 offered by Tabcorp based on its closing price on Tuesday.
Tatts said the terms of the Pacific Consortium proposal showed the group had obtained indicative equity commitments of A$4.6 billion and conditional debt financing for the remainder.
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"The KKR consortium, known as the Pacific Consortium, includes Macquarie Group, Morgan Stanley Infrastructure and First State, and initially put forward a proposal to buy the Tatts lotteries business a year ago and float its wagering arm".
"Once this review is complete, an update will be provided to the market", Tatts said in a statement. The offer is for the entire Tatts business although the main prize is Tatts' lotteries division.
An all-cash bid does not require regulatory approvals. Tatts shareholders will control 58% of the enlarged entity, with Tabcorp's shareholders holding the remaining 42%.
Respective boards for Tabcorp and Tatts had already unanimously recommended sealing the deal between the two gambling operators. The Tatts-Tabcorp merger has yet to be approved by the Australian Competition Tribunal.
Pacific Consortium valued one share in Wagering & Gaming Co at $1.00 to $1.60. Tatts shares last traded at $4.35.
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