Shares of Tabcorp have had a good week and are pushing up against the $4.50 level in early trade.
Before the open yesterday, the ACCC, Australia’s competition watchdog committee, gave an upbeat report that some of the “red-light” issues facing Tabcorp and Tatts‘ proposed $11 billion merger can be easily resolved.
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However, the ACCC did say that the merger details would require more time to get the rubber stamp.
One of these hurdles could be overcome by Tabcorp selling its Queensland electronic gaming monitoring business, Odyssey Gaming.
As a defensive name, we have been buying Tabcorp for client accounts in the $4.20 to $4.50 range since early February.
