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)