The Australian Corporation Tribunal has extended the deadline to make a ruling on the long-awaited merger between rivals Tabcorp and Tatts.
A decision on the USD 6.4 billion merger was scheduled to be made by June 13, but instead, the two parties’ investors may have to wait up to three more months for some clarity on the matter.
An agreement for the deal was reached back in October, 2016, when Tabcorp said it would acquire Tatts Group in order to become more competitive, particularly in global markets. However, the proposed deal faces strong objections from rival domestic gaming companies.
In addition, the merger has been opposed by the Australian Competition and Consumer Commission (ACCC). The regulatory body said the merger was very likely to increase the market power of Tabcorp and even hurt competition in the region.
The two companies say the deal, which they hope to close this year, would make them strong enough to compete with international bookmakers.
Full Content: The Sidney Morning Herald
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