SYDNEY, April 28 (Reuters) - Australian lottery operator Tatts Group (TTS) on Friday said a A$6.15 billion cash takeover offer from a consortium backed by U.S. private equity giant KKR & Co KKR.N was not superior to a cash-and-scrip bid from Tabcorp Holdings (TAH) .
"In these circumstances, Tatts is unable to provide due diligence or engage with the Pacific Consortium," the company said in a statement.
The Tabcorp bid valued Tatts at A$4.249 at the close of trade on Thursday, compared with the A$4.21 price of the offer from Pacific Consortium.
Pacific Consortium also includes Macquarie Group Ltd (MQG) , Morgan Stanley Infrastructure and First State Superannuation Scheme. Tatts in December rejected an initial proposal from the group.
Tatts and Tabcorp in October said their agreed merger would offer A$130 million a year in synergies.
News: TAH Australia's Tatts says KKR-backed takeover offer inferior to Tabcorp bid
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Last
50.0¢ |
Change
0.005(1.01%) |
Mkt cap ! $981.9M | |||
| Open | High | Low | Value | Volume |
| 50.0¢ | 51.0¢ | 49.0¢ | $1.508M | 3.003M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 7 | 146235 | 50.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 50.5¢ | 40346 | 3 |
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| TAH (ASX) Chart |
