Tabcorp makes bid for Intecq

Tabcorp has offered $7.15 for Intecq, an operator of gaming management systems.

Wagering and gaming business Tabcorp has announced its intention to purchase gaming management system operator Intecq, offering $7.15 per share – a 31% premium to Intecq’s last closing price. The deal values Intecq at $115m, and is not far from our estimate of fair value.

The two companies have entered a scheme of arrangement, which has been unanimously recommended by both boards. Tabcorp now needs to secure approval from the ACCC and Intecq’s shareholders, but that shouldn’t pose much of a hurdle.

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