December 13, 2016 / 11:39 PM / a year ago

BRIEF-Tatts Group says company receives indicative proposal

Dec 14 (Reuters) - Tatts Group Ltd :

* Tatts receives indicative proposal

* It has received an unsolicited confidential, non-binding, indicative and conditional proposal from four financial investors

* Received proposal from four financial investors to acquire 100% of tatts for a combination of cash and scrip consideration

* Pacific consortium’s total indicative value per tatts share of $4.40 to $5.00

* Cash consideration of $3.40 includes $3.105 cash, a $0.20 fully franked special dividend, and $0.095 fully franked interim dividend

* Proposed transaction to be financed through a combination of equity and debt

* Shareholders do not need to take any action in response to indicative proposal

* Wagering & Gaming Co to have $378m drawn debt and $139m undrawn facilities to fund remaining cms licence payments in NSW

* Tatts has not yet formed a view on how the indicative proposal compares to the proposed tabcorp merger

* Directors of Tatts continue to believe proposed Tabcorp merger is in best interests of Tatts shareholders ; unanimously recommend Tabcorp merger

* Tatts board remains fully committed to acting in best interests of, and maximising value for, Tatts shareholders Source text for Eikon: Further company coverage:

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