Pacific Consortium gives up Tatts takeover

The Pacific Consortium, the group behind the most recent takeover offer for Australia’s Tatts Group, says it will not undertake any further work on a bid after its latest A$6.2 billion (US$4.6 billion) cash bid was rejected by the Tatts board.

“Given the current approach of the Tatts board the consortium does not intend to undertake further work on its proposal,” said Pacific Consortium chairwoman Kerry Schott in a statement.

On Friday, Tatts Group said it determined the Pacific Consortium bid was not superior to the Tabcorp offer and therefore it could not offer due diligence access.

Tatts shares fell 4.8 percent to A$4.23 after the Pacific Consortium made its statement.