Tabcorp Holdings and Tatts Group have announced that the combination of the two firms has been completed.
A statement from the firm read: “Tabcorp Holdings Limited (Tabcorp) advises that the Scheme of Arrangement (Scheme) in relation to the combination of Tabcorp and Tatts Group Limited (Tatts) has been implemented today. Tatts is now a wholly-owned subsidiary of Tabcorp.”
Adding: “Tabcorp notes that Tatts has submitted an application to ASX to remove the ordinary shares of Tatts from the official list of the ASX. It is expected that Tatts shares will be delisted from ASX from the close of trade on 27 December 2017.”
Detailing the implementation, Tatts Group spoke of director appointments and resignations in its own statement: “Tatts Group announces the appointment of each of David Attenborough, Damien Johnstone and Fiona Mead as directors of Tatts Group and the appointment of Fiona Mead and Michael Scott as company secretaries of Tatts Group, with effect from implementation of the scheme today.
“Tatts Group also announces the resignation of each of Harry Boon, Brian Jamieson, Lyndsey Cattermole, Kevin Seymour, David Watson and Robbie Cooke as directors of Tatts Group effective from implementation and the resignation of Anne Tucker as company secretary of Tatts Group.”
The process of uniting the two firms, to create Australia’s second largest gambling company, has been a very long road after the Australian Competition Tribunal (ACT) had to twice give the go ahead.
Following objections from the Australian Competition and Consumer Commission (ACCC) and rival betting operator CrownBet, the full federal court ordered the proposed $11bn merger face a judicial review.
Both parties quickly dropped all opposition after the greenlight was awarded for the second time.
Most recently Tabcorp Holdings announced the closure of luxbet.com, detailing pre-tax losses of approximately AU$13 million for 2016.