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 News

Scott Morrison to reaffirm Coalition's opposition to changing negative gearing tax concessions

  Scott Morrison to reaffirm Coalition's opposition to changing negative gearing tax concessions Scott Morrison to reaffirm opposition to changing negative gearing In a key pre-budget address to the Australian Housing and Urban Research Institute today, Mr Morrison will reaffirm the Coalition's strident opposition to changing negative gearing tax concessions.

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.

Prisma Capital Partners launches with . S. None of the compensation of KKR Advisors is borne by the funds. 26 Oct 2015 More than a decade ago, large private - equity (PE) firms such as The Blackstone Group , Kohlberg Kravis Roberts ( KKR )

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.

Peter Thiel committed $47 million to an Australian finance firm and then sold down

  Peter Thiel committed $47 million to an Australian finance firm and then sold down Enigmatic technology billionaire and Donald Trump adviser Peter Thiel​ secretly amassed – and then unwound – a multimillion-dollar stake in an obscure Australian financial services business. Mr Thiel, widely regarded as the most powerful man in Silicon Valley, was behind investments in a Melbourne-based holding company, Sargon Capital, with plans to buy up smaller Australian financial administration providers. This included an Adelaide firm that holds the superannuation licence for Spaceship, the new fund backed by local technology luminary Mike Cannon-Brookes.

A group backed by private equity firm Kohlberg Kravis Roberts ( KKR ) and a consortium has made an all-cash .3 billion bid for wagering company Tatts Group in an effort to derail its agreed merger with Tabcorp.

KKR & Co. L.P. (formerly known as Kohlberg Kravis Roberts & Co.) is a global investment firm that manages multiple alternative asset classes, including private equity , energy, infrastructure, real estate, credit, and, through its strategic partners, hedge funds.

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.

Didi seeks $6 billion funding, to become China's second-most valuable private firm .
The valuation represents a jump from Didi's $34 billion price tag in August, when it agreed to acquire Uber Technology Inc's China business, and also puts it closer to the U.S. firm's $68 billion.The valuation represents a jump from Didi's $34 billion price tag in August, when it agreed to acquire Uber Technology Inc's China business, and also puts it closer to the U.S. firm's $68 billion.

—   Share news in the SOC. Networks
This is interesting!