News: TTS Tabcorp enters equity swap over about 10 pct of Tatts shares

Nov 25 (Reuters) - Tabcorp Holdings Ltd (TAH)

• Tabcorp enters into equity swap over c.10% of Tatts shares
• has entered into a cash-settled equity swap with an investment bank in respect of c.147 million shares in tatts
• Tabcorp and Tatts currently expect combination to be completed in mid-2017
• Transaction is intended to help facilitate proposed combination of Tabcorp and Tatts
• combination of Tabcorp and Tatts is expected to deliver significant value for both sets of shareholders as well as material benefits to other stakeholders
• Equity swap has an average reference price of $4.34 per Tatts share