Entain Makes Offer For Australian Gaming Giant

Online gambling firm Entain that has Ladbrokes and Coral have announced they have made an offer for Australian gambling company Tabcorp.

Following media speculation the UK based operator released a statement confirming an offer had been made but also stressed there was no guarantee of acceptance.

The FTSE 100 company which itself was the target of a takeover by US casino giant MGM Resorts recently have looked at the Australian business of Tabcorp which operates betting, lotteries and other gambling related businesses is currently valued at around £5.6 billion.

Tabcorp also released a statement saying that Entain was one of several parties expressing interest in their business.

Tabcorp said in their statement: “The proposals were expressed to be confidential, indicative, non-binding and subject to numerous conditions including due diligence, financing and various regulatory approvals.”

Here is the full statement from Entain:

Entain plc notes the recent press speculation regarding a possible transaction involving Tabcorp Holdings Limited (‘Tabcorp’) in Australia and confirms that it has made a non-binding indicative offer to acquire its Wagering and Media business.

Whilst discussions are at an early stage, any transaction would be in-line with Entain’s current M&A strategy of expanding across regulated international markets.  As such, this would present an opportunity to acquire an attractive business which, if combined with Entain’s existing Australian business, would create a leading, integrated multi-channel and multi-brand wagering company.