Tabcorp receives regulatory approvals for Tatts merger

Two days after an Australian federal court decision to refer its merger proposals back to the Australian Competition Tribunal for further review (see previous report), Tabcorp issued a press release Friday detailing a number of state and territory regulatory approvals of its Tatts merger plans.

The gambling group advised that it has obtained all necessary pre-implementation approvals of the relevant State and Territory gambling regulatory authorities, after engaging with the various gambling regulatory authorities over the past ten months.

The necessary pre-implementation notifications have now been provided and the probity assessments for the proposed combined group, as well as its subsidiaries, directors, officers and ‘associates’ have been completed, the press release notes.

Obtaining these gambling regulatory authority approvals means that the condition precedent in clause 3.1(a)(2) of the merger implementation deed between Tabcorp and Tatts has now been satisfied.

The Australian Stock Exchange has also granted conditional approval for the quotation of new Tabcorp shares, and has notified Tabcorp that it has granted approval (subject to compliance with customary conditions) for the new Tabcorp shares to be issued pursuant to the Tatts Scheme of Arrangement.

However the merger remains on hold until the Full Court of the Federal Court of Australia ruling is discharged.