Pacific Consortium Withdraws Tatts Offer
Move follows rejection of bid by Tatts directors
The Pacific Consortium led by US private equity firm KKR has withdrawn its offer to buy Australian betting giant Tatts following a rejection of the latest A$7.2 billion offer by Tatts directors.
Pacific has made two unsuccessful multi-billion dollar bids for Tatts, which was already in merger negotiations with rival Tabcorp.
In rejecting the offer, Tatts directors opined that it could not reasonably be expected to result in a superior proposal when compared to the proposed Tabcorp merger, and that accordingly the directors felt that the proposed Tabcorp merger is in the best interests of Tatts shareholders.
Kerry Scott, who chairs the Pacific Consortium, which is made up of Kohlberg Kravis Roberts, Macquarie Group, First State Superannuation Scheme and North Haven Infrastructure Partners said in an interview with the Australian Financial Review:
“This is certainly a very disappointing day for Tatts shareholders. Given the current approach of the Tatts board the Consortium does not intend to undertake further work on its proposal.”
Tatts rejected the consortium’s first cash and scrip offer in December, saying it was not superior to a tie-up with Tabcorp (see previous InfoPowa report).
The Tabcorp-Tatts merger has the potential to create a A$8.6 billion betting powerhouse in Australia focused on horse racing, lotteries and sports betting, and the Australian Competition and Consumer Commission is due to announce its final decision on the merger next week.
Royal Panda Online Casino Exits Australian Market
Little notice given to players
Another online casino – Royal Panda – has reportedly exited the Australian market following news of an imminent legislative clampdown (see previous InfoPowa reports).
Players on several forums report receiving emails from Royal Panda notifying them that with immediate effect the operator is no longer accepting deposits from Australian players or allowing play from Australians.
Crownbet Clinch Rugby League World Cup Partnership
Significant coverage and promotional opportunities for online betting operator
Crownbet has been named official wagering partner of the Rugby League World Cup 2017 (RLWC17) receiving extensive integration and branding opportunities via the tournament’s digital and social media channels as well as across several other RLWC assets.
In addition, CrownBet and the RLWC2017, which will be co-hosted by Australia and New Zealand, will collaborate on consumer promotions and activities, providing Rugby League fans with unique experiences and prizes throughout the tournament.
RLWC17 General Manager – Commercial and Marketing, Rohan Sawyer, said: “The 2017 Rugby League World Cup will be the biggest sporting event in Australia this year, being played in all corners of the country, so it’s fantastic to have the support of Australian-owned company CrownBet.
“CrownBet punters love Rugby League, and will be eager to watch the world’s best players battle it out for world supremacy,” added CrownBet Chief Marketing Officer, Ed Owens.
“This partnership allows Crownbet to target its message to an engaged Rugby League audience through innovative channels and opportunities, and we look forward to being part of the game’s marquee International event.”
The RLWC2017, featuring 14 teams, twenty-eight games and thirteen cities, is expected to be the biggest event in the region during 2017 with an estimated attending event record of 450,000 fans.