The proposed AU$11 billion merger between Tabcorp and Tatts Group is set to be delayed after the Australian Competition Tribunal ordered new hearings be held on 24 and 25 October.
Although the dates of the hearing were expedited by Justice John Middleton, they fall after a meeting of Tatts Group shareholders planned for 18 October to vote on the proposed merger. Tatts had also hoped to receive final court approval by 24 October.
Confirming the new hearing on Tuesday, which follows last week’s Federal Court ruling that the Tribunal’s original decision to approve the merger was potentially flawed, Justice Middleton said the delay was “unavoidable because the tribunal must consider all matters that need to be considered now that the matter is back before the tribunal.
“We’ve got to proceed as quickly as possible, but with all due process,” he said.
In a statement, Tatts Group said it was “considering the potential consequences for the timing of the proposed transaction and scheme meeting in light of the tribunal’s indicative timetable.”
Tabcorp added that it will lodge a new application for authorization which is expected to be considered concurrently with the existing authorization application.
Both parties are still confident of completing the deal by the end of the year, they said.
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