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Tabcorp makes play on Tatts register

AAP logoAAP 24/11/2016

Gaming giant Tabcorp has moved to secure a 10 per cent stake in Tatts Group for about $638 million, just over a month after announcing a $11.3 billion merger with its rival.

Tabcorp says it has entered into a cash-settled equity swap, which gives the company voting rights over 147 million Tatts shares, with an investment of $4.34 a share. The 10 per cent stake could help Tabcorp block a third party spoiling its tie-up with Tatts.

The company says the transaction is intended to help facilitate the proposed merger and provide shareholders with "improved financial outcomes".

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