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.

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