Consortium offers A$7.3bn for Tatts Group

A consortium featuring Morgan Stanley, Macquaire Group and KKR & Co. has put forward a proposed offer of up to A$7.3 billion (€5.1 billion/US$5.5 billion) for Australian gambling company Tatts Group.

The proposed deal is worth between A$4.40 and A$5 per Tatts share, with the Pacific Consortium planning to either sell or separately list Tatts’ betting and gaming business.

The move could lead to a bidding war between the consortium and Tabcorp, the latter having recently acquired a 10% stake in Tatts as part of its own efforts to take over the company.

Tabcorp, which said a merger would lead to the creation of combined business worth A$11.3 billion, is itself the subject of mooted takeover by Ladbrokes Coral Group.

News of the proposed consortium offer sent shares in Tatts soaring by 8.5%, ending Tuesday at its highest level since 2007.

However, in contrast, rival bidder Tabcorp saw shares slip 1% by the end of the day.

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