Tabcorp-Tatts combination approved by Supreme Court

Company News

by Kathy Skantzos

Tabcorp (ASX:TAH) has welcomed the Supreme Court approval of the Tatts and Tabcorp combination which was approved in Victoria yesterday afternoon.

Tatts (ASX:TTS) informed that the Court orders were lodged with ASIC yesterday after shareholders voted in favour of the merger with almost 99 per cent of voters giving their nod of approval.

The two companies will come together under the Tabcorp name on Friday 22 December 2017.

Tabcorp said the combination creates a world-class, diversified gambling entertainment group with a large national footprint and a diverse suite of product offerings across wagering, media, lotteries, Keno and gaming services.

Chairman Paula Dwyer, in a letter to shareholders, said the integration of the two businesses is expected to take approximately two years, subject to regulatory approvals.

Shares in Tabcorp (ASX:TAH) closed 3 per cent lower to $5.17.
 

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.