Tatts shareholders give nod for $11.3b Tabcorp merger, now Court decides

Company News

by Jessica Amir

Tatts (ASX:TTS) shareholders have approved the $11.3 billion merger with Tabcorp (ASX:TAH) after almost 99 per cent of voters gave their nod for Tabcorp to buy all issued Tatts shares.

Final approval is now needed by the Supreme Court with the second hearing taking place today (Wednesday 13 December 2017).

If approved the merger will become effective and Tatts shares will be suspended from the ASX at the close of trade today (Wednesday 13 December 2017), with new Tabcorp shares to start trading on a deferred settlement basis tomorrow (Thursday 14 December 2017).

Tabcorp ordinary shares (T+2) will start trading Wednesday 27 December 2017.

Tatts will pay a fully franked special dividend of 16 cents per Tatts share, if the court makes the merger effective.

Shares in Tatts (ASX:TTS) closed 2.41 per cent higher yesterday to $4.68
 

Jessica Amir

Finance News Network
Jessica is a senior finance journalist and presents the Market Outlook, Market at Midday and Market Wrap. She also presents ASX company news and interviews CEOs. She joined FNN in January 2017 with six years of broadcast journalism experience. She worked as a journalist and producer with Sky News Business, ABC 1, ABC's The Business and ABC24. She also worked in regional Australia for Prime 7 and WIN News as a TV reporter. In her prior life she worked as a financial planner.