[Wasn’t sure which tread was appropriate]
TAB Corp to acquire Tatts Group, making an $11+ billion company. Deal to be done by mid-2017:
Last attemped in 2006 but blocked by ACCC.
Both companies are currently on a trading halt with the ASX.
Board & executives to remain from TAB Corp.
HQ to remain in Melbourne.
Executives & staff in Queensland at Tatts Group, will be offered moves/other positions. Tatts Group board to be dissolved, except chairman Harry Boon will become a non-executive director on the TAB Corp board.
Bit of a shock, media were saying both companies were trying to be ‘fair’ (with board/executives, a potential joint-HQ & executive team with minimal job losses/moves) but that appears to have fallen through