But given the lukewarm response to Entains upgraded offer, Tabcorp chairman Steven Gregg thinks (or wants others to think) the demerger values it at more than $3.5 billion.
In doing so Gregg is playing a long game. He understands there is less risk associated with a demerger because it would avoid a plethora of approvals from state racing clubs and state regulators, the competition watchdog and the Foreign Investment Review Board.
Sure there are costs associated with a demerger but Tabcorp is touting…
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