Entain PLC (LON:ENT) has made a new revised A$3.5bn offer to acquire the Wagering and Media businesses of Tabcorp Holdings.
The Ladbrokes owner said it believes the revised proposal is compelling for value and certainty of deliverability.
“The proposed transaction would be in-line with Entain's current M&A strategy, and presents an opportunity to acquire an attractive business, which when combined with Entain's existing Australian business, would create a leading, integrated multi-channel and multi-brand wagering company,” Entain said in a statement.
Earlier this month, Entain reported that its online operation performed strongly in the first quarter of 2021.
READ: Entain highlights strength of online operation
In a trading update for the three months to March 31, the owner of Ladbrokes reported that its online net gaming revenues (NGR) had expanded by 33%, in line with expectations and the 21st consecutive quarter of double-digit growth for the segment.
However, total group NGR for the period fell 13% as the strength in online failed to overcome a 99% fall in retail NGR as COVID-19 lockdown restrictions forced the group to shutter its betting shops.
Despite this, Entain said it saw “excellent growth” across its major markets in the quarter with the exception of Germany, which was impacted by regulatory changes. It added that its BetMGM business was also showing “outstanding momentum with impressive market share growth” in the US.