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Money Private equity firm Kohlberg Kravis Roberts launches eleventh-hour bid for Tatts Group

03:55  19 april  2017
03:55  19 april  2017 Source:   abc.net.au

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Private equity firm Kohlberg Kravis Roberts and a consortium makes an all-cash .3 billion bid for wagering company Tatts Group , in an effort to derail its agreed merger with Tabcorp.

Kohlberg Kravis Roberts & Co. founders George Roberts and Henry Kravis said returns earned by private equity firms on leveraged buyouts would decline just as they take their firm public.

The consortium says the offer would provide certainty for Tatts Group shareholders. © ABC News The consortium says the offer would provide certainty for Tatts Group shareholders. Private equity firm Kohlberg Kravis Roberts (KKR) and a consortium has made an all-cash $7.3 billion bid for wagering company Tatts Group in an effort to derail its agreed merger with Tabcorp.

The offer from Pacific Consortium, which is made up of KKR, Macquarie Group, Morgan Stanley Infrastructure and not-for-profit super fund First State, values the deal at $4.21 a share.

The deal, the consortium says, is a good offer that provides certainty for Tatts Group shareholders who are still waiting to see if regulators will give the Tatts Tabcorp merger the green light.

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But Congress is weighing a significant tax increase for private - equity firms that go public. Assets Under Management: billion Headquarters: New York Founded: 1976 Founding Partner: Henry R. Kravis Kohlberg Kravis Roberts is known as one of the most aggressive buyout firms and is

Tabcorp's bln Tatts bid sent back to regulator. MELBOURNE, Australia--A US billion tie-up between two of The event, which featured teams from 32 private - equity firms , including Silver Lake Management LLC, KKR & Co., Apollo Global Management LLC, Blackstone Group LP and Apax

This latest offer is a sweetened version of Pacific Consortium's offer from November last year, this being all cash and not requiring regulatory approvals.

The consortium has been circling the asset for over 12 months with a couple of unsuccessful attempts at wooing the Tatts board.

The offer could up-end the agreed $11 billion merger between Tabcorp and Tatts, which at current share prices values Tatts at $4.20.

Tatts Group closed on the ASX on Tuesday at $4.35.

That merger remains under a regulatory cloud with the ACCC voicing several concerns about the deal it viewed in March as "likely to substantially lessen competition in the supply of monitoring and other services to pokies venues in Queensland".

Tabcorp has been jumping through hoops to win the approval of the regulator including selling its Queensland electronic gaming machine monitoring business, Odyssey.

The Australian Competition Tribunal has until mid-June to make a decision on whether to allow it.

The Pacific Consortium has made it clear in previous bids that it wants to own Tatts' lucrative lotteries business and sell-off the wagering arm, with short-odds being offered for Tabcorp buying up that betting business if its own bid is pipped at the post.

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