Tatts Group
(ASX:TTS) has received a revised, non-binding takeover offer from private equity group, the Pacific Consortium.
The Consortium comprises First State Superannuation Scheme, Morgan Stanley Infrastructure, and Macquarie Corporate Holdings.
The Consortium is offering to pay $4.21 per Tatts share, which puts its enterprise value at around $7.2 billion.
Tatts is currently subject of a merger proposal with Tabcorp. Whether the merger goes ahead may depend on whether the ACCC is satisfied with Tabcorp’s undertaking to sell its Queensland business, Odyssey Gaming Services -- to alleviate competition concerns.
The Tatts’ board has unanimously recommended to its shareholders to approve the Tabcorp merger. In the meantime, the Tatts board will assess whether the Pacific Consortium’s latest offer is a superior proposal.
This morning, Tatts Group shares have risen 1.38% to $4.41.
