Tatts offer pulled

A CONSORTIUM led by US private equity firm KKR pulled its takeover bid for Australian gaming and lottery giant Tatts, reports said, after the firm rejected its revised multi-billiondollar offer yesterday. The Pacific Consortium has made two bids for Tatts, which is planning a merger with rival Tabcorp, but Tatts rejected the second all-cash bid of $7.2 billion received last week, saying it was “not a superior proposal” to a tie-up with Tabcorp. The consortium does not intend to undertake further work on its proposal, The Australian Financial Review reported.