New hearing on Tatts-Tabcorp merger scheduled for October 24-25

Following the recent Australian Federal Court decision that the A$11 billion Tatts-Tabcorp merger must be referred back to the Australian Competition Tribunal for further review (see previous reports) the ACT has set a hearing date of October 24-25…a date beyond the October 18 date scheduled for Tatts shareholders to vote on the deal.

The disruption is necessary, said ACT president Justice John Middleton, who explained: “This is unavoidable because the tribunal must consider all matters that need to be considered now that the matter is back before the tribunal.”

On Monday, the Australian Competition and Consumer Commission created more potential for delay by submitting an argument that time has run out on the tribunal’s original approval of the merger and that Tabcorp should be invited to restart the whole process with a fresh application.

“There is considerable doubt as to whether the tribunal still has jurisdiction to make a determination on Tabcorp’s application,” the ACCC said in its submission, prepared by Melbourne QC Andrew McClelland.

“In the circumstances, the most efficient and practical course would be for Tabcorp to make a further application for approval, so as to avoid debate and potential further dispute about the issue.”

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