As Tabcorp continues with the wagering and media business review, Apollo Global Management tabling an offer of $4 billion and entered into the bidding process.
Tabcorp receives the Apollo Global Managements renewed bid, which is worth $4 billion. And the previous Entain offer essentially replaced by it. For media business and TAB’s wagering, the Apollo is biding along with the poker machines of the company.
Apollo Joins the Tabcorp’s Wagering and Media Assets Race
The wagering and media business of Tabcorp continues to grow as a prospect as ever, as the Entain has already submitted a bid early. And the company ultimately reject that. However, it argued that the offer might revisit, and currently, it conducts its business assets review.
Tabcorp expects to show up more bidders, and for that, the company is hesitating to receive the first good proposal. And it is turned out true as in the suitor’s list Apollo joined, and it’s looking to buy out the business.
However, Apollo’s interest already stated in the company, but now it is bringing an offer of $4 billion for its courtship back up. And it is essentially beating the second bid of Entain, which is $3.5 billion. It should succeed, on some of the essential assets of TAB in the country, Apollo would assume control. Moreover, the investment company and poker machines seem interested in it.
TAB Is in Fix
The proposal could entertain by TAB and said that due diligence could seek to carry out by it and seek the potential regulatory approval. However, on Thursday, no final comment can draw when the news announced by the TAB. The company, in a statement, explained that assess the merit of the proposals needs more time.
“on the revised proposal merits, the board of Tabcorp failed to form a view and in the previously announced strategic review context it will assess it.”
However, for its business, TAB has demonstrated experience at provoking a substantial interest in bidding. Admittedly, Entain has started at $3 billion, which is somewhat low. But then, with another bid, the company proceeded ahead of the own offer of Apollo, which valued at $3.5 billion.
However still, Tabcorp not decided entirely on what to fix with its business. The company will be able to assess better as it is currently undergoing a review regarding what direction it wants to take.