Tabcorp’s US$11 billion bid for rival gambling outfit Tatts has hit an unforeseen courtroom hurdle put in place by the takeovers handicapper, the Australian Competition and Consumer Commission (ACCC).
Tabcorp had expected to be well into the home straight with the takeover before the start of Spring Carnival, but now finds itself back it the starting gate, chaffing at the bit, as the ACCC recorded a surprise victory in the Federal Court.
Tabcorp planned to sidestep the ACCC — which had publicly questioned the benefits of the merger — by seeking and winning approval from the Australian Competition Tribunal (ACT).
That move riled the ACCC’s competitive instincts and it hauled Tabcorp into court seeking to have the ACT approval set aside.
The Federal Court backed Tabcorp’s argument to a degree and called for more submissions to be made by all parties before another hearing on Thursday, September 28.
Full Content: The Australian
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