Tabcorp Holdings (ASX:TAH) rejects approaches for wagering & media business

Company News

by Rachael Jones

Tabcorp Holdings (ASX:TAH) has received several unsolicited approaches and proposals in relation to a potential transaction involving Tabcorp’s Wagering & Media business.

These proposals valued the Wagering & Media business at around $3 billion.

The Tabcorp Board says the proposals do not adequately value Tabcorp’s Wagering & Media business.

Tabcorp has consequently decided to undertake a strategic review to assess and evaluate all structural and ownership options to maximise the value of Tabcorp’s businesses for the benefit of shareholders.

These options could include a potential sale of the Wagering & Media business to a third party or a potential demerger.

The search for a new Tabcorp Managing Director & Chief Executive Officer has been put on hold pending the outcome of the strategic review and David Attenborough will continue as Managing Director & Chief Executive Officer in the interim.

Shares in Tabcorp Holdings (ASX:TAH) are trading 1.04 per cent lower at $4.77.