BetMakers has submitted a proposal to acquire Tabcorp’s betting and media divisions for $ 3.09 billion. Under the terms of the offer, Tabcorp would receive $ 2.3 billion in BetMakers shares, which would make Tabcorp’s investors own 65% of the company’s shares. And the rest would be passed on in cash.
BetMakers’ formal push comes after offers from Entain and the Apollo group. “I am excited about the opportunity to reinvigorate Tabcorp’s betting and media business,” said Matt Tripp, strategic consultant at BetMakers.
Tripp added: “There is significant potential for business growth in partnership with BetMakers and I hope to have the opportunity to support the Australian racing industry, which depends on the success and growth of TAB”.
The consultant also stressed: “In addition to the value that this offering should provide for the shareholders of both companies, this is an incredibly exciting opportunity for Tabcorp’s betting and media business to maximize its commercial potential on a global scale.”
BetMakers believes that its offer exceeds other proposals
BetMakers stressed that the proposal allows the Australian operator to unlock the potential for expansion of its media and betting areas, and has advantages over a cash sale, giving Tabcorp shareholders flexibility to choose.
The company representative added that there are also advantages in relation to the Tabcorp division, “accelerating the growth strategy by providing access to BetMakers technology and an established global network for monetizing content globally”.
BetMakers CEO Todd Buckingham also said: “Based on our success to date, the combined entity would have an attractive investment proposal as one of the strongest global racing networks on the market. We are in a unique position to pursue business opportunities around the world and, in particular, in the United States ”.
