Apollo Global Management increases bid for Tabcorp
Tabcorp said on Thursday Apollo’s revised proposal involves a possible acquisition of its wagering and media business along with its gaming services unit for a combined value of A$4 billion.
Alternatively, it has also proposed to acquire only the wagering and media business for A$3.5 billion.
The offer comes on the heels of Entain’s ENT.L sweetened A$3.5 billion proposal in April, as the British sports betting firm seeks to gain a larger foothold in Australia’s regulated betting market.
The board has not yet formed a view on the merits of Apollo’s revised proposal and will assess the deal, Tabcorp said.