News: ITQ Tabcorp to acquire IntecQ

Aug 1 (Reuters) - Tabcorp Holdings Ltd (TAH) :

• Tabcorp to acquire Intecq
• Co and Intecq Limited have entered into a binding scheme implementation agreement, under which Tabcorp has agreed to acquire all Intecq shares via a scheme of arrangement
• Cash offer per share implies an expected enterprise value of $115 mln
• Intecq shareholders will receive $7.15 cash for each Intecq share held
• Tabcorp has agreed to acquire all Intecq shares via a scheme of arrangement
• Says directors of Intecq unanimously recommend that all Intecq shareholders vote in favour of the scheme, in the absence of a superior proposal
• Tabcorp expects acquisition will generate EBITDA of approximately $20 million in the year following completion of integration of the business
• Tabcorp intends to fund the acquisition from existing cash and bank facilities
• Acquisition is expected to be eps accretive from the first year