SYDNEY: Australia’s Tabcorp Holdings has agreed to acquire rival Tatts Group for around A$6.4bil (US$4.9bil), forming a gambling powerhouse in an effort to fend off a growing challenge from overseas online rivals.
Tabcorp, Australia’s biggest horse racing and sports betting company, made a primarily scrip offer with a cash sweetener to buy leading lottery operator Tatts equivalent to A$4.34 per share – a 20.8% premium to its closing price before the deal was announced.
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