The Supreme Court of Victoria today approved the merger of Australia’s biggest gaming company, Tabcorp, and lottery operator, Tatts Group Ltd. This comes after investors at Tatts Group voted in favour of the $11.3 billion merger on Tuesday. The combination, initially announced in October 2016 is now lawfully effective and binding.
On Wednesday, Tabcorp announced and noted in a statement, the decision made by the Victorian Supreme Court to approve the Scheme of Arrangement of the company and Tatts Group Limited. The combination has become legally effective and will be implemented on Friday, 22 December 2017. A copy of the court order was lodged with the Australian Securities and Investments Commission (ASIC).
Chairman of Tabcorp, Paula Dwyer, says: “The combination creates a world-class, diversified gambling entertainment group, with a large national footprint and a diverse product offering across wagering, media, lotteries, Keno and gaming services”.
“The combination brings together two highly complementary businesses and a strong pool of talent from within each organisation, ensuring that the combined group is well positioned to invest, innovate and compete in a rapidly evolving operating environment,” Dwyer added.
On Friday, Tatts will pay its investors a special dividend of 16 cents. As a result of the special dividend being paid, the scheme’s cash consideration of 42.5 cents per Tatts share will be reduced to 26.5 cents. The incorporation of Tabcorp Holdings and Tatts is expected to take approximately two years.
Majority of shareholders at Tatts Group voted in favour for Tabcorp to acquire 100% of Tatts’ issued capital. A total of 95.55% registered investors present at the meeting voted in favour, while the overall votes in favour made up to 98.64%.
Pokies.com wishes Tabcorp and Tatts well on their integration.