Tabcorp set for strategic review over potential wagering business sale

first_img“The assessment of Tabcorp’s strategic and ownership options includes, but is not limited to, a demerger or sale of one or more of our businesses,” Tabcorp chairman Steven Gregg said. Tabcorp announced in July last year that Attenborough would step down from both roles during the first half of 2021, but he will remain with the business while the strategic review is in progress. Subscribe to the iGaming newsletter Tabcorp set for strategic review over potential wagering business sale Tags: Tabcorp These options, Tabcorp said, could include a potential sale of the Wagering and Media business to either a third party or via a potential demerger. This could be implemented via a separation of the Wagering and Media arm or the Lotteries and Keno business. At the time, Tabcorp said that no firm bids had been made, nor was there any certainty that any transaction would take place. Taborp has now confirmed that while the proposals valued the Wagering and Media arm at approximately AUS$3.0bn (£1.67bn/€1.94bn/US$2.29bn), its board concluded these offers do not adequately value the segment. Regions: Australia AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter In response, Tabcorp said it will now undertake a strategic review to assess and evaluate all structural and ownership options, in order to maximise the value of its businesses for the benefit of shareholders.center_img Last month, Tabcorp said it had received a number of “unsolicited approaches and proposals” to acquire its wagering and media division, with Entain among those confirmed to have put forward an offer. “Our clear objective is to ensure that we fully maximise the value of Tabcorp’s gambling entertainment businesses for our shareholders.” Email Address Australian gambling operator Tabcorp is to carry out a strategic review of its business, with the possibility of selling its wagering and media division. Topics: Strategy M&A Strategy As part of this process, Tabcorp said it would also resume the strategic review of its gaming services business. 29th March 2021 | By Robert Fletcher While the strategic review takes place, Tabcorp said that its search to identify and appoint a replacement for managing director and chief executive David Attenborough will be put on hold.last_img read more