The U.K.’s Entain Group has upped its offer for Tabcorp’s wagering & media unit by $0.5 billion to $3.5 billion, which analysts at J.P. Morgan estimate is still too low.
The firm said it still believes a demerger of the business is the most likely way forward and Entain’s bid will face significant regulatory hurdles. It values the business at $3.68 billion, which is 5 percent higher than the increased offer.
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