Australia’s Tatts Group has rejected a takeover bid from the Pacific Consortium after concluding its assessment of the proposal, which the company found to be less favourable than the bid from rival Tabcorp.

The consortium offered around AUD$7.3bn to acquire Tatts earlier this month, and included plans to spin off Tatt’s wagering and gaming businesses.

In its assessment, Tatts said that the consortium’s proposal was predicated on a number of key assumptions that were either incorrect, inconsistent with Tatts’ current expectations, or unknown.

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