Australian wagering giant Tabcorp on Thursday reported it has received a revised proposal from equity firm Apollo Global Management to acquire its wagering, media and gaming services businesses for A$4 billion. The new offer tops the most recent bid from Entain, which has offered $3.5 billion for the business.
The company has not yet formed a view on the revised proposal.
The $11 billion company aid Apollo’s second offer was conditional on due diligence, finance, approval from regulators and Tabcorp’s racing industry partners, according to the Sydney Morning Herald.
“The Tabcorp board has not yet formed a view on the merits of the revised proposal and will assess it in the context of the previously announced strategic review,” the company said in a statement reported by the newspaper.
Entain, which owns online bookmakers Ladbrokes and Neds in Australia, made a $3 billion offer for Tabcorp’s TAB wagering arm in February which, after being declined, it increased to $3.5 billion.
Tabcorp’s shares have risen steadily on the likelihood of a demerger or sale.
