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Proposed merger of Tatts Group and Tabcorp
14 September 2017
The Victorian Supreme Court has made orders for the gaming group, Tatts Group Ltd, to convene a meeting of its shareholders to consider the company’s proposed $11 billion merger with Tabcorp Holdings Ltd.
The merger is to be effected by way of a scheme of arrangement. A scheme of arrangement requires shareholder approval and formal Court approval.
After reviewing documents to be presented to shareholders and after hearing submissions from counsel for Tatts and Tabcorp, Justice Michael Sifiris on 8 September made orders to convene the shareholder meeting on 18 October 2017.
Justice Sifris said he was satisfied that the Australian Securities and Investments Commission had been given reasonable opportunity to examine details of the scheme material.
He noted there was no opposition to the scheme presented to the Court, and that Tatts directors had given their unanimous approval to the scheme.
Justice Sifiris said he was satisfied Tatts shareholders should now be formally notified of the planned meeting, noting the Federal Court has not yet handed down its decision in the judicial review application brought by the Australian Competition and Consumer Commission. The ACCC is appealing the Australian Competition Tribunal’s decision to grant authorisation to the merger.
If shareholders vote in favour of the merger, and other conditions are met, the parties must return to Court to seek final approval.