Valued at $10bn, Tabcorp said it would run a three-month strategic review in bid to sell its media and wagering division

Tabcorp has recjected a $3bn bid from British company Entain and says it’s launching a broad strategic review of its business with the possibility of selling its wagering and media division.

The company revealed that it had received a number of “unsolicited approaches and proposals” from companies asking to acquire their wagering and media division.

Entain was among those companies who put this offer forward. The proposals valued the wagering and media arm at approximately US$2.29bn although Tabcorp’s board concluded that these offers do not value the segment.

Tabcorp chairman Steven Gregg said “The assessment of Tabcorp’s strategic and ownership options includes, but is not limited to, a demerger or sale of one or more of our businesses.”

Tabcorp will do its best to maximise the value of its businesses for the benefits of shareholders. “Our clear objective is to ensure that we fully maximise the value of Tabcorp’s gambling entertainment businesses for our shareholders.”

Last July, Tabcorp announced that David Attennborough will step down from the role of managing director and Chief Executive Officer. The search for replacement will now be put on hold until the strategic review takes place.

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