Will revised offer from Pacific Consortium pique Tatts interest?

A revised offer from The Pacific Consortium (TPC), led by private equity firm KKR, for Australian gaming and lottery giant Tatts has been placed on the table.

TPC is making what has been described as “an eleventh hour bid” challenging Tatts’ previously planned merger with Tabcorp with a revised multi-billion dollar takeover offer.

Our readers will recall TPC offered a cash and scrip offer late last year which Tatts subsequently rejected.

TPC’s new proposal comprises an A$ 7.2 billion cash offer which, being an all-cash bid, would not require regulatory approvals, Associated Press Sydney points out.

In a regulatory announcement, Tatts said it is assessing and will undertake a full analysis on the offer compared to the Tabcorp proposal and will provide an update once the review is complete.

The company, however, reiterated that its Board continue to believe the Tabcorp proposal is in the best interests of Tatts shareholders.

The Tatts Tabcorp merger is currently being assessed by the Australian Competition and Consumer Commission, which is expected to deliver its verdict in early May.

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