April 27, 2017 / 10:44 PM / 3 months ago

Australia's Tatts says KKR-backed takeover offer inferior to Tabcorp bid

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SYDNEY, April 28 (Reuters) - Australian lottery operator Tatts Group on Friday said a A$6.15 billion cash takeover offer from a consortium backed by U.S. private equity giant KKR & Co was not superior to a cash-and-scrip bid from Tabcorp Holdings.

"In these circumstances, Tatts is unable to provide due diligence or engage with the Pacific Consortium," the company said in a statement.

The Tabcorp bid valued Tatts at A$4.249 at the close of trade on Thursday, compared with the A$4.21 price of the offer from Pacific Consortium.

Pacific Consortium also includes Macquarie Group Ltd , Morgan Stanley Infrastructure and First State Superannuation Scheme. Tatts in December rejected an initial proposal from the group.

Tatts and Tabcorp in October said their agreed merger would offer A$130 million a year in synergies. (Reporting by Jamie Freed)

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