Australian wagering giant Tabcorp on Thursday said it has received a revised proposal from Apollo Management to acquire its wagering & media and gaming services businesses for A$4 billion.
The company however, said it has not yet formed a view on the revised proposal.
The company’s wagering & media business has garnered interest from a number of investors in recent months.
In February this year, UK-based Entain Plc made a non-binding offer to buy the wagering and media division for $3 billion. Tabcorp at the time said that it also received a number of unsolicited approaches and proposals for its wagering business, including Fox Corporation, but later issued a note saying that it viewed the offers as being too low.
Entain later revised its offer to $3.5 billion, which J.P Morgan analysts estimated may still be too low.
As we all know, the industry has been hit hard, and some countries have had more prolonged and repeated impacts than others. So, it’s been a two-stage ‘recovery’ with Macau now leading the way, and other countries seemingly recovering and then going backwards into lockdown again. We are very hopeful for our customers that we will see a stronger bounce back on reopening as we have seen in other countries, such as Australia and in the USA.
For this edition of our magazine, we focus on Southeast Asia, with a particular look at the Philippines. The country’s casino industry has been among the hardest hit in Asia, with the integrated resorts in Manila’s Entertainment City having remained mostly closed to the general public since the beginning of the crisis last year.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.