Entain revises proposal for gambling business

Tabcorp has received a revised proposal from Entain in relation to a possible acquisition by Entain of Tabcorp’s wagering and media business for A$3.5bn.

The revised proposal continues to be subject to numerous conditions including due diligence, arranging financing, receipt of all relevant regulatory approvals and obtaining various third party approvals and consents.

The Tabcorp board has not yet formed a view on the merits of the revised proposal and will assess it in the context of the previously announced strategic review.

As stated, the objective of the strategic review is to assess and evaluate all structural and ownership options to maximise the value of Tabcorp’s businesses for the benefit of shareholders.

These options may include a potential sale of the wagering and media business to a third party or a potential demerger of either the wagering and media business or the lotteries and keno business.