A group backed by private equity firm KKR & Co (KKR.N) on Wednesday said it had made a revised A$6.15 billion ($4.65 billion) offer for Australia’s biggest lottery operator Tatts Group Ltd (TTS.AX), upping the ante in a bidding war against Tabcorp Holdings Ltd (TAH.AX).

Both proposals are valued at less than Tatts’ trading price and shareholders are divided over whether the board should favor the KKR-led all-cash bid over Tabcorp’s cash-and-scrip offer and allow the U.S. firm to do due diligence.

KKR-backed Pacific Consortium’s bid of A$4.21 a share compares with the A$4.209 offered by Tabcorp based on its closing price on Tuesday. Tatts shares were trading A$0.03 higher at A$4.38 on Wednesday.

READ FULL ARTICLE HERE