Apr 22, 2018 Last Updated 12:58 PM, Apr 18, 2018

New Entry From the Editor :

Australia close to exceeding ‘impossible’ 2020 renewable energy target

Australia close to exceeding ‘…

AusBN - A renewable energy target (RET) deemed ‘impossible’ to ...

Demand for Australian iron ore remains strong, shows fresh data

Demand for Australian iron ore…

AusBN - International demand for Australian iron ore remains as strong as e...

Santos to engage with Harbour Energy after $13.5 billion takeover offer

Santos to engage with Harbour …

AusBN - Australian oil and gas giant Santos (ASX:STO) has received a AUS$13...

KKR consortium makes last-minute $7.3 billion bid for Tatts Group

business strategyAusBNAusBN - Private equity firm Kohlberg Kravis Roberts (KKR) and a consortium has made a AUS$7.3 billion bid for wagering company Tatts Group in a late attempt to derail its proposed merger with Tabcorp.

The offer was made by Pacific Consortium, which is comprised of a number of firms including KKR, Macquarie Group, Morgan Stanley Infrastructure and not-for-profit super fund First State.

The consortium has been interested in the Tatts brand for over 12 months and has made a few unsuccessful bids, including a most recent offer in November 2016.

However, the latest bid comes as an improved version of Pacific’s November attempt to buy the firm, being an all-cash deal.

The Tatts-Tabcorp merger has recently become a subject of concern for the Australian Competition and Consumer Commission (ACCC), who stated that the deal would lessen competition in the supply of monitoring and other services to gambling venues in Queensland.

The Australian Competition Tribunal will make a decision by mid-June regarding the completion of the merger.

@AusBNOnline

 

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