Tabcorp Say No To Entain Offer

Entain has failed in its initial offer of £1.6 billion for Australian gaming business Tabcorp, in a statement on the offer from the owner of brands such as Ladbrokes, Coral and PartyPoker the Australian company said: “The Tabcorp board has carefully considering the proposals and formed the view that the proposals do not adequately value Tabcorp’s Wagering & Media business,”

Entain said at the time of the offer being made: : “This would present an opportunity to acquire an attractive business which, if combined with Entain’s existing Australian business, would create a leading, integrated multi-channel and multi-brand wagering company.”

Tabcorp is valued at £1.66 billion (A$3 Billion) which would offer no current value for Tabcorp to sell, the Australian gambling company which had a previous bid by MGM Resorts refused did not fully rebuff Entain and whether the UK based gambling company will come back with an improved offer will have analyst’s looking carefully.