Entain puts forward improved offer for Australian Tabcorp’s wagering business

Entain, the FTSE 100-listed company behind Ladbrokes, Coral and Partypoker, has made an improved offer of 3.5 billion dollars (£1.95 billion) for the wagering and media division of Australian firm Tabcorp.

Tabcorp knocked back offers in the region of three billion dollars (£1.68 billion) for the division earlier this year, with the board saying they did not adequately value the business.

In an announcement to the Australian Stock Exchange, the company said a revised offer had been made, and the board has not yet formed a view on the merits of the proposal.

Entain, which also runs Bwin and Sportingbet, said in February that it was in “early stage” discussions with Tabcorp Holdings.

The company said: “This would present an opportunity to acquire an attractive business which, if combined with Entain’s existing Australian business, would create a leading, integrated multi-channel and multi-brand wagering company.”