Watchdog's application could delay transaction

Tabcorp and Tatts "committed to transaction" despite ACCC attempt to block deal

If the appeal succeeds, Tabcorp pointed out the matter would be referred back to the Australian Competition Tribunal for review, "rather than restarting proceedings."

Australia 
| 12/07/2017

The company says it will fight the Australian Competition and Consumer Commission's attempt to overturn the mega-merger.

The company said both businesses remained "committed to the transaction", and would seek to have the hearing fast-tracked in the Federal Court of Australia.

"The ACCC's application will impact the timing and implementation of the transaction, though the precise impact will not be known until the court has considered the matter," Tabcorp said.

"Tabcorp considers that implementation remains achievable in the last quarter of 2017."

Last month, the tribunal rejected a litany of concerns raised by the ACCC and rival betting companies that the tie-up would lead to a lessening of competition and that the merged entity would have too much power in dealings with pubs and clubs.

Federal Court Justice John Middleton found the merger would be substantially beneficial, and that the proposal had "overwhelming" support from the rest of the industry.

 

Yogonet.com/smh.com.au

Related News
Australia | 10/07/2017
Watchdog says tribunal made three errors
Australia | 30/06/2017
Brand is undergoing a strategic reevaluation of all holdings
Australia | 21/06/2017
Tabcorp ordered to sell its pokies monitoring Odyssey Gaming business in Queensland