BetMakers proposes to buy Tabcorp business

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BetMakers Technology Group has submitted a proposal to acquire Tabcorp Holdings’ wagering and media business for an enterprise value of A$4bn.

Under the proposal, Tabcorp would receive A$1bn in cash, which BetMakers anticipates funding through debt financing, and A$3bn in BetMakers shares. The number of shares to be issued is to be fixed at the time a transaction is agreed and priced at a 15 per cent premium to the traded price of BetMakers prior to signing.

Based on the 10-day volume weighted average price to May 26, the proposal would provide Tabcorp shareholders with an approximate 65 per cent interest in the combined BetMakers and Tabcorp wagering and media business plus A$1bn in cash to Tabcorp.

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