Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

HK Type 4 license through Ballingal Investment Advisors Ltd. 

I'm a highly experienced sell-side analyst with in excess of 22 years of covering Asia Pacific equities, the past 19 years immersed in event strategies encompassing M&A risk arbitrage, directional long/short, stub trades and restructuring.  

My background also includes accountancy (liquidation/bankruptcy/receivership) earlier in my career and as a chief financial officer of a global commodity company based in the US and Mexico.

Pan-Asia Catalysts/Events

Tabcorp To Split Lotteries and Wagering Businesses

Tabcorp & The Lottery Co Spin-Off - Valuation Grids and Index Treatment

Quiddity Advisors

Event-Driven

After rejecting a A$3bn offer from Entain (ENT LN) (owner of Ladbrokes) to buy its wagering and media division, <a href="https://www.smartkarma.com/entities/tabcorp-holdings-ltd" target="_blank" data-smartkarma-citation="entities:6837:1" rel="noopener">Tabcorp Ltd (TAH AU)</a> said on the <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02358183-3A564328?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">29 March</a> it will undertake a strategic review to assess and evaluate all structural and ownership options to maximise value. The review includes a potential sale of the wagering &amp; media ops or a potential demerger - via the separation of the wagering segment or the lotteries business.
Tabcorp said it remained open to a bid for the wagering ops, but that $3bn was a long way from what was considered reasonable. Entain subsequently <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02367262-3A565915?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">bumped</a> its bid to A$3.5bn on the 27 April.
In <a href="https://skr.ma/hbhLR" target="_blank" rel="noopener">Tabcorp (TAH AU) - Conscious Uncoupling</a>, I mentioned Apollo Global Management was reportedly kicking tyres. Tabcorp has now <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02372290-3A566698?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> a non-binding proposal from Apollo of A$4bn for the wagering &amp; media and gaming businesses; or A$3.5bn for the wagering &amp; media ops. Tabcorp has yet to form a view on this proposal.
As always, more below the fold.

After rejecting a A$3bn offer from Entain (ENT LN) (owner of Ladbrokes) to buy its wagering and media division, Tabcorp Ltd (TAH AU) said on the 29 March it will undertake a strategic review to assess and evaluate all structural and ownership options to maximise value. The review includes a potential sale of the wagering &amp; media ops or a potential demerger - via the separation of the wagering segment or the lotteries business.
Tabcorp said it remained open to a bid for the wagering ops, but that $3bn was a long way from what was considered reasonable. Entain subsequently bumped its bid to A$3.5bn on the 27 April.
In Tabcorp (TAH AU) - Conscious Uncoupling, I mentioned Apollo Global Management was reportedly kicking tyres. Tabcorp has now announced a non-binding proposal from Apollo of A$4bn for the wagering &amp; media and gaming businesses; or A$3.5bn for the wagering &amp; media ops. Tabcorp has yet to form a view on this proposal.
As always, more below the fold.

Tabcorp Ltd

Tabcorp (TAH AU): Apollo Shows Its Hand