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Allens has a punt on Tabcorp demerger
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Allens has a punt on Tabcorp demerger

Allens Arthur Robinson is acting for Tabcorp Holdings Limited in relation to the proposed demerger of its casinos business and its $430 million accelerated renounceable entitlement offer…

Allens Arthur Robinson is acting for Tabcorp Holdings Limited in relation to the proposed demerger of its casinos business and its $430 million accelerated renounceable entitlement offer (announced 18 October).

Under the proposed demerger, Tabcorp's existing businesses will be divided into two independent companies, both listed on the ASX.

After the proposed demerger, Tabcorp will be Australia's primary wagering, gaming and Keno operator, and the new casinos entity will operate four of Australia's top casinos, including Star City and Jupiters.

The proposed demerger will be pursued by way of a scheme of arrangement and will require approval from Tabcorp shareholders, court approval and various NSW and Queensland regulatory approvals.

At the same time as announcing the proposed demerger, Tabcorp launched a $430 million entitlement offer. The proceeds of the entitlement offer will be used to provide funding certainty for Tabcorp's current casino growth initiatives and ensure that, upon demerger, both entities have appropriate capital structures.

The Allens team advising Tabcorp is led by Partner Robert Simkiss, in conjunction with Craig Henderson, Robert Pick, Michael Perez, Nick Kennedy, Xinmin Pang, John Leung and Brenton Pollard.

Sullivan & Cromwell is acting as US counsel to Tabcorp, Skadden, Arps, Slate, Meagher & Flom is acting as US counsel to the underwriter of the entitlement offer, and Mallesons Stephen Jaques is acting at Australian counsel to the underwriter of the entitlement offer.

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