Federal Court lifts embargo on Tabcorp-Tatts tie-up ruling
An embargo on a court’s reasons for sending the Tabcorp-Tatts merger back to the competition tribunal has been lifted.
The Federal Court has lifted its embargo on the reasons behind its decision to call for a fresh Australian Competition Tribunal hearing on Tabcorp’s proposed $11 billion merger with Tatts Group.
Tabcorp (TAH) said in a statement to the ASX this afternoon that it was in the process of reviewing the Federal Court’s reasons for its decision delivered yesterday, but noted that the “issues of contention are limited in scope.”
Tabcorp had been pushing earlier today to have the embargo lifted as soon as was practicable. Yesterday the Federal Court said the reasons for the judgment would be embargoed for the next five days, attracting the ire of all parties to the case.
While the Australian Competition Tribunal’s Justice John Middleton — who presided over the original ACT decision — told the parties yesterday he was keen to fast-track the next hearing, the ACT has now told them this afternoon that a directions hearing will be held next Tuesday.
This could put in jeopardy Justice Middleton’s ambition to make a new determination on the objections raised to his original decision by the competition regulator by September 28.
Tatts (TTS) shareholders are due to vote on the deal at a meeting on October 18
Previous advice to the ASX from Tabcorp suggested the matter could be wrapped up as early as next week but that appears unlikely.
