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Macquarie-led consortium lodges counteroffer for Australia's Tatts Group -source
December 13, 2016 / 10:18 PM / 7 months ago

Macquarie-led consortium lodges counteroffer for Australia's Tatts Group -source

1 Min Read

SYDNEY, Dec 14 (Reuters) - A consortium led by Macquarie Group has made an offer for Tatts Group in a move that could disrupt an agreed merger between the lotteries operator and Australia's biggest bookmaker, Tabcorp, a source familiar to the situation said.

The offer from Macquarie and pension funds includes a mix of cash and shares in a spinoff company, the source said, adding the Tatts board had yet to decide if it offered superior value to a A$6.4 billion ($4.80 billion) cash-and-scrip bid from Tabcorp.

Tabcorp in October agreed to acquire lottery operator Tatts to create a gambling powerhouse in an effort to fend off a growing challenge from overseas online rivals. ($1 = 1.3340 Australian dollars) (Reporting by Jamie Freed, editing by G Crosse)

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