SYDNEY 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)