The Wall Street Journal: Consortium’s bid to buy betting firm Tatts goes bust

MELBOURNE, Australia — Tatts Group Ltd. rejected a takeover offer from a group of investors that includes private-equity firm KKR & Co. and Australian bank Macquarie Group Ltd., and said it continues to back a planned merger with rival Tabcorp Holdings Ltd. TAH, +0.21%

The wagering and lotteries company said Friday it wouldn’t allow the Pacific Consortium to go through its books or engage in discussions over the group’s buyout offer of up to 7.34 billion Australian dollars (US$5.30 billion).

A spokesman for the consortium said the group was reviewing its position, as well as a “material profit downgrade” by Tatts.

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