News: TTS Tatts Group says company receives indicative proposal

Dec 14 (Reuters) - Tatts Group Ltd (TTS) :

• Tatts receives indicative proposal
• It has received an unsolicited confidential, non-binding, indicative and conditional proposal from four financial investors
• Received proposal from four financial investors to acquire 100% of tatts for a combination of cash and scrip consideration
• Pacific consortium's total indicative value per tatts share of $4.40 to $5.00
• Cash consideration of $3.40 includes $3.105 cash, a $0.20 fully franked special dividend, and $0.095 fully franked interim dividend
• Proposed transaction to be financed through a combination of equity and debt
• Shareholders do not need to take any action in response to indicative proposal
• Wagering & Gaming Co to have $378m drawn debt and $139m undrawn facilities to fund remaining cms licence payments in NSW
• Tatts has not yet formed a view on how the indicative proposal compares to the proposed tabcorp merger
• Directors of Tatts continue to believe proposed Tabcorp merger is in best interests of Tatts shareholders ; unanimously recommend Tabcorp merger
• Tatts board remains fully committed to acting in best interests of, and maximising value for, Tatts shareholders