April 28, 2017 / 4:28 AM / 4 months ago

KKR-backed group halts work on Tatts takeover offer

SYDNEY (Reuters) - A group backed by KKR & Co said on Friday it would not undertake further work on a takeover offer for Australia's Tatts Group after its A$6.15 billion ($4.60 billion) cash bid was rejected by the lottery operator's board.

Tatts shares fell 4.8 percent.

Tatts earlier on Friday said a rival offer from betting group Tabcorp Holdings Ltd was superior.

The KKR-backed group also includes Macquarie Group Ltd, Morgan Stanley Infrastructure and First State Superannuation Scheme.

Reporting by Jamie Freed; Editing by Edmund Klamann

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