Tabcorp, the Australian lottery and betting operator, gets closer to selling its Media and Wagering division after receiving a new and improved offer from Entain. The company from the United Kingdom has confirmed that it has made an improved bid worth 3.5 billion Australian dollars.
The previous offer made by Entain was worth 3 billion dollars, and it competed with similar unsolicited offers Tabcorp received from other suitors. One of those offers, which was later rejected, came from Fox Corporation, the famous U.S. media business owned by the Murdoch family.
At the end of March, Tabcorp decided to reject all offers and wait for improved ones. The Australian company is valued at around 10 billion dollars, while its Wagering and Media division controls around 44% of the local sports betting and racing market.
After having rejected the offers of 3 billion dollars, Steven Gregg, the chairman of Tabcorp’s board of directors, said that “certainty” is also a factor when considering the acquisition offers. At the time, market sources claimed that an offer around 3.5 billion dollars would be enough to persuade the Tabcorp board.