European operating giant Entain has confirmed it has made a revised AU$3.5bn (£1.96bn/€2.25bn/$2.72bn) offer to acquire Australian operator Tabcorp’s Wagering and Media division.
Entain revealed itself as one of several bidders for the Tabcorp division when news of a potential acquisition broke in Australia last month.
Tabcorp said that the time that now firm bids had been made.
A statement from Entain read: “Entain believes that the revised proposal is compelling both in terms of the value it represents for Tabcorp shareholders in cash, and certainty of deliverability.
“The Proposed Transaction would be in-line with Entain’s current M&A strategy, and presents an opportunity to acquire an attractive business, which when combined with Entain’s existing Australian business, would create a leading, integrated multi-channel and multi-brand wagering company.”
Entain’s commitment to this M&A strategy, focusing on regulated markets, was shown earlier this month, as the company completed deals to acquire operators Enlabs AB and Bet.pt.
In its 2019-20 financial year, Tabcorp’s wagering and media business brought in AUD$2.08bn and earnings before interest, tax, depreciation and amortisation (EBITDA) of $371m.
Entain currently operates the Neds brand in Australia, having acquired it in 2018, as well as its Ladbrokes brand.