Tatts gets revised bid from consortium

A bidding war is on, with a Macquarie-led group upping its takeover offer for this gaming giant.

Lottery and wagering operator Tatts Group has received a revised bid from a group of private equity investors. The ‘Pacific Consortium’ – which includes First State, Morgan Stanley, Kohlberg Kravis Roberts and Macquarie Group – had previously proposed a two-step purchase of the company: separate the wagering and lotto divisions, then give shareholders $3.40 in cash for the lotto business and one share in the newly independent wagering division (in effect, buying the lotto division for $3.40 per share). Tatts' board rejected the offer in favour of Tabcorp's earlier bid (see Tatts and Tabcorp set to join forces).

Now, the consortium is proposing a 100% cash purchase of the whole company for $4.21 per share.

{{content.question}}

Mastercard

{{ twilioFailed ? 'SMS Code Failed to Send…' : 'An SMS verification code has been sent ...' }}

Hi {{ user.FirstName }}

Looks like you have already taken a free trial

Email is required.
Email must be a valid email.
Password is required.
First name is required.
Last name is required.
Mobile phone number is required.
You must accept the terms and conditions.

OR

We have sent you a code via SMS to {{user.DayPhone}}

please enter this code below to complete your SMS verification

We cannot send you a code via SMS to {{user.DayPhone}}

If you didn't receive SMS code please

SMS code cannot be sent due to: {{ twilioStatus }}

Please select one of the options below:

Looks you are already a member. Please enter your password to proceed

You have entered an incorrect email or password

Email is required.
Email must be a valid email.
Password is required.

Please untick this box when using a public or shared device


OR

Verify your mobile number to proceed...

Please check your mobile number below and press the Send Verification Code button. This will be used to complete your verification in the next step.

Please sign up for full access

Mastercard

Updating information

Please wait ...

Trial

Mastercard
{{ productPrice }} / day
( GST included )
Price $0
Discount -{{productDiscount}}
GST {{productGST}}
TOTAL   (inc. GST) {{productPrice}}
  • Mastercard
  • Visa

Please click on the ACTIVATE button to finalise your membership

Mastercard

The email address you entered is registered with InvestSMART.

Login or to reset your password, select Forgotten password

You have entered an incorrect email or password

Email is required.
Email must be a valid email.
Password is required.

Please untick this box when using a public or shared device


OR