Tabcorp-Tatts Merger Suffers Another Setback After Appeal From ACCC Upheld
Tabcorp’s $11 billion bid for rival Tatts has suffered a setback due an appeal from the Australian Competition and Consumer Commission (ACCC). The ACCC along with rival bookmakers had raised concerns over the proposed merger. The court ruled this week that the matter should be returned to the Australian Competition Tribunal (ACT) for further consideration. It is expected that within a week the ACT will pass another judgement with ACT Justice John Middleton telling all involved parties that he wanted the matter considered as soon as practically possible.
Middleton said that any written submissions needed to be made by September 25 with a reply deadline of the next day.
He went on to say,” The tribunal would then further consider and determine the matter. If the issues in contention are of small compass, the tribunal would endeavour to make a new determination by September 28 after considering the submissions of the parties and the participants.”
To add fuel to the fire James Packer’s CrownBet also joined the ACCCC appeal claiming the deal was bad for completion and not in the public interests. If the new merger is approved it will mean the new entity will control around 90 percent of Australia’s totalizer betting and generate revenues in excess of $5 billion.