TABCORP-TATTS MERGER GETS A CONDITIONAL GREEN LIGHT

TABCORP-TATTS MERGER GETS A CONDITIONAL GREEN LIGHT

AFTER months of delays and challenges from the ACCC, gambling giants Tabcorp (ASX: TAH) and Tatts Group (ASX: TTS) are again in the clear to merge.

However, the Australian Competition Tribunal has made the deal subject to one condition: Tabcorp must divest its Odyssey Gaming business in Queensland.

The merger, which has faced heavy opposition from the ACCC and other Australian gambling groups, was thrown into chaos in July when the ACT had to review its original approval.

The objections from CrownBet and the ACCC resulted in a Federal Court order to revisit the original decision.

Today, the ACT says it is satisfied the proposed merger is likely to result in substantial public benefits and that detriments identified by CrownBet and the ACCC are unlikely to arise or are immaterial.

Responding to today's ACT decision, the ACCC says it sought review of the original decision in order to clarify the law.

"We achieved that objective, with the Full Court making it clear that the Tribunal was required to take into account all competitive detriment that is likely to result from the proposed merger," says ACCC chairman Rod Sims.

The ACCC will review the reasons of the ACT's decision when they are published on November 22.

Tabcorp remains in a trading halt at the time of writing.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Get our daily business news

Sign up to our free email news updates.

 
Unpacking equity: Finding your funding fit
Partner Content
Armed with a growing business and a great opportunity, a business owner’s next challe...
Australian Business Growth Fund
Advertisement

Related Stories

Meta slammed over "dereliction" of commitment to Australian news

Meta slammed over "dereliction" of commitment to Australian news

The decision by Meta (NASDAQ: META) to "deprecate" the Fa...

AF Legal acquires Armstrong Contested Wills & Estates in deal worth up to $3.75m

AF Legal acquires Armstrong Contested Wills & Estates in deal worth up to $3.75m

A year on from the failure of an $11 million merger with Go to Cour...

Childcare veteran Chris Scott scaling up Embark Early Education with $25m acquisition

Childcare veteran Chris Scott scaling up Embark Early Education with $25m acquisition

Embark Early Education (ASX: EVO), a Gold Coast-based childcare cen...

ASIC tips ‘ASX Wolf’ Tyson Scholz into bankruptcy over $500,000 in court costs

ASIC tips ‘ASX Wolf’ Tyson Scholz into bankruptcy over $500,000 in court costs

Social media ‘finfluencer’ Tyson Scholz, widely known a...