Betfair, Ladbrokes, TABCorp and others have all pulled out or had offers rejected. What happens now? The price did seem a bit rich given the current economic climate, and particularly the changing wagering landscape in Australia.
Tote Tasmania's sale plan in turmoil
The Tasmanian Government may float the state’s Tote on the stock market after failing to find a buyer during a protracted bidding process.
In a statement, Treasurer Michael Aird said two binding formal bids received when the window for formal tenders closed last week did not value Tote Tasmania at a “fair and reasonable” price.
However, he insisted the sales process would continue on the open market and could possibly involve a public float.
He said abandoning the private bidding process after months of haggling sent a message that the Tote would not be sold cheaply.
Do they hold their cards, hoping that changing legislation works in their favour so they can achieve that sale price eventually, or do they need to get a move on before any value they have is eroded by further deregulation of the Australian market?