Bid higher than offers by Entain and Apollo BetMakers shares tank as much as 17%
May 28 (Reuters) - Australia s BetMakers Technology Group
Ltd on Friday intensified a three-way bidding war for
Tabcorp Holdings Ltd s wagering and media business,
offering A$4 billion ($3.1 billion) for the struggling division.
The BetMakers proposal dwarfs separate A$3.5 billion offers
by British sports betting firm Entain and U.S.-based
investment manager Apollo Management for the Tabcorp
unit hit hard by the halt to sporting events and closure of
betting shops due to the pandemic.
Tabcorp shares gained as much as 4.2% and scaled a near
3-1/2 year peak. BetMakers, though, slumped nearly 17% on news
Bid higher than offers by Entain and Apollo BetMakers shares tank as much as 17% (Adds background on the offers, analyst comments)
May 28 (Reuters) - Australia’s BetMakers Technology Group Ltd on Friday intensified a three-way bidding war for Tabcorp Holdings Ltd’s wagering and media business, offering A$4 billion ($3.1 billion) for the struggling division.
The BetMakers proposal dwarfs separate A$3.5 billion offers by British sports betting firm Entain and U.S.-based investment manager Apollo Management for the Tabcorp unit hit hard by the halt to sporting events and closure of betting shops due to the pandemic.
Tabcorp shares gained as much as 4.2% and scaled a near 3-1/2 year peak. BetMakers, though, slumped nearly 17% on news of the proposal, that will involve A$3 billion in shares and A$1 billion in cash, likely to be funded by debt.