Tabcorp Holdings Limited
(ASX:TAH) has announced it has entered into a binding agreement that will see it acquire all shares in INTECQ for $115 million.
INTECQ’s directors have recommended shareholders vote in favour of the scheme, in the absence of a superior proposal.
Tabcorp will pay shareholders $7.15 cash per share, a 30 percent premium on the volume weighted average for the shares over the past month.
Tabcorp expects the acquisition will add $20 million in earnings in the following year.
Tabcorp Holdings Limited reported a net profit of $81.9 million at 31 December 2015.
