Tatts Group Limited
(ASX:TTS) has announced it does not believe the Pacific Consortium bid to be superior to the proposed Tabcorp merger.
Tatt’s has indicated it believes a number of Pacific’s key assumptions are either incorrect, inconsistent with Tatt’s current expectations or unknown.
The board has also stated it believes the total value offered by Tabcorp remains superior and in the best interests of Tatts shareholders.
One contentious element of the Pacific bid lies in its valuation of Tatts LotteryCo business, with the Tatts board stating the price ascribed by the consortium as being inadequate.
Tatts Group Limited reported a net profit of $234 million at 30 June 2016.
