Ladbrokes owner Entain said on Monday that it was disappointed that Australia’s Tabcorp plans to spin off its Lotteries and Keno business into two standalone listed businesses, after it upped its offer for the assets.
Entain increased its offer for Tabcop’s wagering and media business to AUD3.5bn in April, after its initial offer was rejected.
The company expressed disappointment over Tabcorp’s decision, arguing that its all-cash offer “would have delivered superior outcomes for shareholders, customers, employees and the wider industry”.
“Price discipline is essential in building on the significant shareholder value that our global growth strategy will deliver for all our stakeholders and we have a healthy pipeline of opportunities.”
Entain added that its Australian business, which comprises the Ladbrokes, Neds, Betstar and Bookmaker brands, continues to build on a “record” year in 2020.
“We are confident that it will go from strength to strength as it delivers innovative and highly engaging products for its customers as well as supporting the health of the wider Australian racing industry.”