Tabcorp expedites Tatts merger via competition tribunal
Operator seeks authorisation from the Australian Competition Tribunal to get proposed AU$11.3bn merger over the line
Tabcorp has lodged an application with the Australian Competition Tribunal in an attempt to speed up its proposed merger with rival gambling firm Tatts Group.
The decision comes after the operator had previously sought informal approval from the Australian Competition and Consumer Commission (ACCC) but has since withdrawn its application in favour of the competition tribunal.
According to Tabcorp, the authorisation will provide the proposed merger with greater certainty compared to the informal clearance process and is considered within a statutory timetable.
“Through our extensive discussions with stakeholders since announcement of the transaction, it has become increasingly clear that there is broad-based support among our stakeholders for the proposed combination with Tatts,” David Attenborough, Tabcorp CEO and MD, said.
“After careful consideration of the Statement of Issues, Tabcorp believes the merger authorisation process will deliver greater Transaction certainty.
“It enables public benefits, including our strong funding relationship with the racing industry, to be taken into account.”
The merger was originally expected to complete in mid-2017, with the combined firm aiming to compete more effectively with digitally-focused foreign bookmakers.
Tabcorp’s David Attenborough is set to take the reins as CEO and managing director once the deal is complete.