Jul 20, 2017 Last Updated 8:28 AM, Jul 20, 2017

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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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