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CWNHB - Crown Resorts News Story

A$92.6 0.2  0.2%

Last Trade - 7:10am

Consumer Cyclicals
Large Cap
Market Cap £3.44bn
Enterprise Value £3.91bn
Revenue £1.24bn
Position in Universe 85th / 1829

UPDATE 1-Australia's CrownBet won't oppose Tabcorp's Tatts takeover

Thu 30th November, 2017 12:26am
(Adds settlement details, Tabcorp's share movement, industry 
    Nov 30 (Reuters) - Horse-race betting giant Tabcorp Holdings 
Ltd  TAH.AX  said on Thursday that rival CrownBet has agreed not 
to oppose the company's $4.7 billion takeover offer for Tatts 
Group Ltd  TTS.AX . 
    Tabcorp's offer for the lottery owner was cleared by an 
Australian tribunal earlier this month and CrownBet has agreed 
not to apply for judicial review of the tribunal's decision, the 
company said in a statement. 
    Under an agreement with CrownBet, Tabcorp said it will 
supply a digital stream of horseracing channels SKY 1 and SKY 2 
to CrownBet for the personal use of its Australian wagering 
customers on their mobile and PC devices. 
    CrownBet, majority-owned by casino giant Crown Resorts 
 CWN.AX , earlier this year began legal proceedings over the 
authorisation of the Tatts takeover by the Australian 
Competition Tribunal. 
    The Tabcorp-Tatts union is the third attempt by the two 
firms to merge since 2006 in a bid to create a gambling 
powerhouse and fend off rivals like Britain's William Hill 
 WMH.L  and Ireland's Paddy Power Betfair  PPB.I . 
    Last week, Reuters exclusively reported that Paddy Power 
Betfair and William Hill have separately held talks about a deal 
with CrownBet as UK-focused gambling companies seek to expand 
    Shares of Tabcorp rose 0.8 percent in morning trade, 
compared with a 0.9 percent fall on the benchmark index  .AXJO  
 (Reporting by Chandini Monnappa in Bengaluru; editing by 
Richard Pullin) 
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