Tabcorp Holdings Limited has announced that it has received a revised unsolicited, nonbinding proposal from Entain plc in relation to a possible acquisition by Entain of Tabcorp’s Wagering & Media business for an enterprise value of A$3.5 billion (£2 billion/€2.25 billion).

The revised proposal continues to be subject to numerous conditions including due diligence, arranging financing, receipt of all relevant regulatory approvals (including ACCC and FIRB) and obtaining various third party approvals and consents.

The Tabcorp Board has not yet formed a view on the merits of the revised proposal and will assess it in the context of the previously announced strategic review.  The objective of the strategic review is to assess and evaluate all structural and ownership options to maximise the value of Tabcorp’s businesses for the shareholders.

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