Apollo Management ups offer for Tabcorp wagering business

tabcorp

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. 

Company release