Place your bets: Australia's Tabcorp leaps after BetMakers bids $3.1 bln for its wagering unit

Tah Hsin Industrial

28/05/2021 04:29

(Updates with CEO comment, milestone and share movement)
    ** Tabcorp Holdings  TAH.AX  jumps 4.2% to A$5.27 as
BetMakers Technology Group  BET.AX  enters the race for its
wagering and media business  urn:newsml:reuters.com:*:nL3N2NE547
    ** BetMakers, however, fall as much as 16.6%, their worst
day since May 1, 2020, after making the A$4 bln ($3.10 bln)
proposal split between A$3 bln in shares and A$1 bln in cash,
which will likely be funded through debt  urn:newsml:reuters.com:*:nL3N2NE547
    ** TAH says it has not yet formed a view on merits of the
proposal and assess it in context of previously announced
strategic review  urn:newsml:reuters.com:*:nASXbyzKwW
    ** TAH had earlier received bids from British sports betting
firm Entain  ENT.L  and U.S.-based investment manager Apollo
Management  APO.N  for the business
    ** "Combined entity would be a compelling investment
proposition as one of the most broadly deployed global racing
networks in the market" - BET CEO Todd Buckingham
    ** TAH up 29.7% this year and BET more than doubled as of
last close
    ** About 27 mln BET shares change hands vs 30-day average
volume of about 6.3 mln shares


($1 = 1.2920 Australian dollars)

 (Reporting by Savyata Mishra, Nikhil Kurian Nainan and Aditya
in Bengaluru)
 ((aditya.srivastsav@thomsonreuters.com))