Sports betting and gambling group Entain has announced that it has noted the statement made yesterday by the board of Australia’s Tabcorp Holdings that it will demerge its lotteries and keno business.
This would result in two stand-alone businesses – one for lotteries and keno and the other for wagering and its GamingCo business.
“Entain is disappointed by the decision of Tabcorp, as we believe our all-cash offer would have delivered superior outcomes for shareholders, customers, employees and the wider industry.
“Price discipline is essential in building on the significant shareholder value that our global growth strategy will deliver for all of our stakeholders and we have a healthy pipeline of opportunities.”
Entain has a number of businesses in Australia, including Ladbrokes, Neds, Betstar and Bookmaker brands. The group says that it is on target to achieve a record year in 2020.
Entain had increased its offer for the Tabcorp wagering and media business to A$3.5bn (€2.2bn) in April after its original offer was rejected.