|Day's Range||4.235 - 4.300|
|52 Week Range||3.530 - 4.740|
|PE Ratio (TTM)||29.76|
|Earnings Date||Aug 17, 2017|
|Dividend & Yield||0.19 (5.98%)|
|1y Target Est||4.31|
A group backed by KKR & Co said on Friday it would not undertake further work on a takeover offer for Australia's Tatts Group Ltd after its A$6.15 billion ($4.60 billion) cash bid was rejected by the lottery operator's board. Tatts shares fell as much as 4.8 percent to A$4.23 after Pacific Consortium said it would halt work on its bid, lowering the prospects of a higher offer emerging to compete with an agreed deal between Tatts and Tabcorp Holdings Ltd. Tatts is a prized asset due to its lucrative and reliable lotteries income and its monopoly licences.
Australian lottery operator Tatts Group on Friday said a A$6.15 billion cash takeover offer from a consortium backed by U.S. private equity giant KKR & Co was not superior to a cash-and-scrip bid from Tabcorp Holdings. "In these circumstances, Tatts is unable to provide due diligence or engage with the Pacific Consortium," the company said in a statement. The Tabcorp bid valued Tatts at A$4.249 at the close of trade on Thursday, compared with the A$4.21 price of the offer from Pacific Consortium.
A consortium comprising private equity firm KKR and Macquarie Group have made an all-cash offer to acquire Australian lotteries and wagering firm Tatts Group (TTS.AU), which has already agreed to a merger with rival Tabcorp Holdings. The Pacific Consortium is offering AUD4.21 per share, valuing the company at AUD7.2 billion on an enterprise value basis. In a stock exchange announcement Tatts said it is reviewing the proposal but in the meantime continues to unanimously recommend the Tabcorp proposal in the absence of a superior offer.