News: TTS Macquarie-led consortium lodges counteroffer for Australia's Tatts Group -source

A consortium led by Macquarie Group has made an offer for Tatts Group (TTS) in a move that could disrupt an agreed merger between the lotteries operator and Australia's biggest bookmaker, Tabcorp (TAH) , a source familiar to the situation said.

The offer from Macquarie and pension funds includes a mix of cash and shares in a spinoff company, the source said, adding the Tatts board had yet to decide if it offered superior value to a A$6.4 billion ($4.80 billion) cash-and-scrip bid from Tabcorp.

Tabcorp in October agreed to acquire lottery operator Tatts to create a gambling powerhouse in an effort to fend off a growing challenge from overseas online rivals. ($1 = 1.3340 Australian dollars)