Tabcorp has finalized the transfer of its O’Shay’s gaming services branch, and Tatts Group investors have endorsed the proposed union between the two organizations.
Australian National Hotels, a subsidiary of Federal Group, has acquired the division, which is a crucial component of the Tabcorp and Tatts merger.
The two companies have agreed that the merger will result in a combined entity valued at roughly A$11 billion (EUR 70.8 billion/USD 83.3 billion).
To address concerns from the Australian Competition Tribunal (ACT) regarding the level of competition in the nation following the merger, Tabcorp has agreed to dispose of its O’Shay’s business.
Last month, the ACT determined that the transaction could proceed, but mandated Tabcorp to sell its O’Shay’s gaming division.
The Australian Competition and Consumer Commission (ACCC) has authorized the sale of O’Shay’s to Australian National Hotels, enabling Tabcorp and Tatts to progress to the next phase of the merger process.
In the meantime, Tatt’s stakeholders have voted to endorse Tabcorp’s plan to take ownership of the entirety of the company’s issued stock through a structured arrangement.
At a recent gathering, a substantial majority of Tatt’s shareholders were present and received information regarding the proposed transaction. An overwhelming number of these shareholders voted in favor of the consolidation.
Tatt has formally requested the Victorian Supreme Court to authorize the scheme, with a hearing scheduled for the following day (Wednesday). A determination is anticipated on the same day.
The two entities anticipate the merger to be finalized on December 22nd.
Connected news: The ACCC will not contest ACT’s ruling on the Tabcorp-Tatt merger.
The Tabcorp-Tatt merger progresses further following ACT approval.
Tabcorp and Tatts Group are set to combine in an A$11.3 billion deal.
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