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
But after the transaction is complete, original Tatts Group Ltd investets will own over 50% of the newly merged company.
It’s be even more of a giant!
Wonder how many staff will lose their jobs over this? You can bet that TABCorp aren’t going to sack any of their own staff & they’re obviously not going to ‘double up’ on positions?
TABCorp (who are leading the transaction/acquiring) are headquartered in Melbourne anyway & that’s the board/executives they’re sticking with.
Tatts Group (formed in 2006, when UniTAB acquired Tatts from Melbourne, yes) are headquartered in Brisbane. The board, executives and that head office are all being dissolved.
But I was wondering how many other staff in Brisbane will lose their jobs or have to move to Melbourne? Tatts CEO says he’s “guttered” he will no longer be leading.
Mid-2017 (if approved by the ACCC) is the expected finalisation date.
Is someone in Brisbane able to tell us how far along construction of the Tatts Group national headquarters is in Newstead? I wonder what happens to that development now?
It has consistently annoyed me that Lotto draws have been conducted on Queensland time since Tatts took over NSW Lotteries and moved operations to Brissie. The daylight saving hold out state shouldn’t be keeping the rest of us waiting that extra hour when we’ve had a bad day and we’re living in hope that we don’t have to go to work tomorrow.
I’ve just read an article that indicates Tatts Group signed a long term lease earlier this year for space in a new Brisbane office tower. Tatts Group sold off the Newstead site a couple of months ago. I was unaware the development didn’t go ahead.
Courier Mail reporting that HQ to remain in Melbourne, despite previously saying during the week “no decision has been made”, leading to job losses at current Tatts Group in QLD:
