A group backed by KKR & Co said on Friday it would not undertake further work on a takeover offer for Australia’s Tatts Group Ltd after its A$6.15 billion ($4.60 billion) cash bid was rejected by the lottery operator’s board.

Tatts shares fell as much as 4.8 percent to A$4.23 after Pacific Consortium said it would halt work on its bid, lowering the prospects of a higher offer emerging to compete with an agreed deal between Tatts and Tabcorp Holdings Ltd.

Tatts is a prized asset due to its lucrative and reliable lotteries income and its monopoly licenses. It also owns a smaller wagering business that competes against Tabcorp, the nation’s largest betting operator.

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