Tabcorp settles with CrownBet’s opposition of merger

Company News

by Kathy Skantzos

Tabcorp (ASX:TAH) has settled CrownBet’s opposition to the $11 billion proposed combination of Tabcorp (ASX:TAH) with Tatts Group (ASX:TTS).

CrownBet has dropped its legal threat with Tabcorp after a Supreme Court hearing in New South Wales, and has agreed not to continue with further court proceedings in relation to the merger.

CrownBet has agreed to not apply for the judicial review of the Tribunal’s decision last week to approve the merger, and has agreed not to take any action which would impede the implementation of the transaction.

Tabcorp has agreed a commercial arrangement with CrownBet to supply a digital stream of SKY 1 and SKY 2 to CrownBet’s Australian wagering customers on mobile and computer devices.

Shares in Tabcorp (ASX:TAH) are trading 1.03 per cent higher to $4.90.

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.