After years of bankers pitching Tabcorp break-up stories to private equity funds, and institutional investors calling on the board to consider options, there’s movement at the station.
Tabcorp has conceded it is sitting on some proposals for its struggling wagering unit – which is the tougher part of the business and the bit that has traditionally scared the private-equity suitors away.
The admission is sure to ramp up investor expectations of action at Tabcorp – and even prove to be a catalyst for someone to have a close look under the bonnet.
UK group Entain, which owns Ladbrokes, is on the scene, and we have also revealed that John Wylie’s Tanarra Capital has been talking to industry funds about putting together a consortium.
We expect there will be others to come out of the woodwork, should Tabcorp get serious about following through with any of the suitors.
