Entain PLC has raised the stakes in its bid for Tabcorp’s Wagering & Media subsidiary. The new offer on April 27 rose from $2.3 billion to $2.7 billion.
The Australian racing giant rejected Entain’s initial proposal declaring it undervalued. Tabcorp will also do an assessment to evaluate options to maximize the value of its businesses, according to Inside Asian Gaming.
“The revised proposal continues to be subject to numerous conditions including due diligence, arranging financing, receipt of all relevant regulatory approvals and obtaining various third party approvals and consents,” Tabcorp said.
The board has not yet decided on the worth of the revised offer.
Should Entain prevail, it would be the largest participant in Australian horse racing and sports betting where Tabcorp holds 43.7 percent market share. Fox Corp. could also tender a bid for the Tabcorp division.
