TAB Makes Significant Wagering Announcement

Tabcorp announced on Monday that it will demerge its Lotteries and Keno business from the Wagering and Media arm, reports racing.com. The demerger is expected to be complete by June 2022. "Following a thorough and rigorous assessment of all relevant structural and ownership options, the Tabcorp Board of Directors has concluded that a demerger of the Lotteries & Keno business is the optimal and most certain path to maximise value for Tabcorp shareholders," Tabcorp Chairman Steven Gregg said. "The foundations have been laid for Lotteries & KenoCo and Wagering & GamingCo to deliver long term growth. Wagering & GamingCo will have national scale and reach, organic growth options, and potential upside from any future domestic structural reform and further international expansion. Wagering & Media has undergone a significant transformation and now has an omni-channel offering geared to create the best customer experience across all channels." Steven Gregg will remain as Chairman with all positions to be re-evaluated once the demerger is complete. Several takeover bids have come for Tabcorp recently, but none have made it past the due diligence stage. "Tabcorp remains open to future engagement with bidders on revised proposals."