Tabcorp receives new AU$4 billion offer for sought after Wagering & Media business

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Australian racing and wagering giant Tabcorp has received yet another offer to acquire segments of its business, this time from global investment manager Apollo Global Management on behalf of affiliated investment funds.

The latest offer follows a revised US$3.5 billion from UK sports betting and iGaming group Entain PLC late last month to acquire Tabcorps Wagering & Media business after the Australian firm had rejected a previous AU$3 billion offer. It has also been reported that US media giantFox Corporation is another interested suitor.

The Apollo offer is two-fold comprising an AU$4 billion proposal that would include both the Wagering & Media business and the Gaming Services business. Alternatively, Apollo has also put forward an AU$3.5 billion offer for the Wagering & Media business alone.

In response, Tabcorp said it will assess the offer alongside Entains offer but will continue with a strategic review of its assets.

As stated, the objective of the strategic review is to assess and evaluate all structural and ownership options to maximize the value of Tabcorps businesses for the benefit of shareholders, it said.

These options may include a potential sale of the Wagering & Media business to a third party or a potential demerger of either the Wagering & Media business or the Lotteries & Keno business.

Tabcorp holds a near 44% share of Australias lucrative horse racing and sports betting market.