CrownBet drops opposition to Tabcorp-Tatts merger
The $11bn mega-merger between Tabcorp and Tatts Group has moved a step closer after CrownBet dropped legal proceedings against the proposed partnership
The proposed mega-merger between Tatts and Tabcorp received a significant boost today after CrownBet dropped its long-running legal effort to halt the deal.
CrownBet, along with the national consumer watchdog, had been challenging the prospective merger in the courts due to the power the newly-formed organisation would have over the Australian gambling market.
But CrownBet has agreed to withdraw its opposition to the merger following a new agreement with Tabcorp that will see CrownBet given streaming access to Tabcorp’s Sky Racing channel.
A statement from Tabcorp said: “CrownBet has agreed not to apply for judicial review of the Tribunal’s decision on 22 November 2017 to grant authorisation for the Transaction.
“CrownBet has also agreed not to take any action which would impede the implementation of the Transaction.”
The merger has moved one step closer as a result, with Tatts shareholders scheduled to vote on the proposal on 12 December.