Justice Michael Sifris in the Victorian Supreme Court today made orders for Tatts Group to adjourn a meeting of its shareholders due to be held on 30 November 2017 until 12 December 2017. The meeting is for shareholders to consider the gaming group’s proposed $11 billion merger with Tabcorp Holdings.
The latest orders follow the Australian Competition Tribunal’s decision on 17 November authorising the merger pursuant to s95AT of the Competition and Consumer Act 2010 (Cth). That was the second hearing of the matter by the Tribunal, after the Full Federal Court upheld an application for judicial review made by the Australian Competition and Consumer Commission (ACCC) and CrownBet.
The matters before the Australian Competition Tribunal related to the potential impact of the merger on competition within the gaming and wagering industry.
The Supreme Court has been hearing matters related to the implementation of the merger, which is being carried out by way of a scheme of arrangement. Mergers that are implemented by scheme of arrangement require shareholder approval and Court approval.
In addition to adjourning the meeting due to be held on 30 November 2017, Justice Sifris today made orders directing that Tatts Group provide each shareholder with a Supplementary Scheme Booklet to update them about a number of developments since the initial Scheme Booklet was released on 8 September 2017.
His Honour ordered Tatts to hold a shareholders’ meeting at 3pm (AEST – Queensland time) on 12 December 2017. The matter is due to return to the Supreme Court on 13 December 2017.