SYDNEY: Australia's competition watchdog has rejected top betting group Tabcorp Holdings Ltd's A$1.9bil bid for rival UNiTAB Ltd, saying it is likely to substantially lessen competition.
The rejection of Tabcorp's proposal will bolster an agreed bid for Queensland-based UNiTAB by top lotteries operator Tattersall's Ltd, whose shares jumped as much as 8% to A$3.10 after the announcement, valuing its bid at A$1.78bil.
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