Australian TAB rejects A$2b bid

Australian betting company TAB rejected a A$2.07 billion ($2.37 billion) takeover bid from the country's largest gaming firm, Tabcorp Holdings, calling the offer inadequate.

In a last-ditch effort to squeeze a higher bid from Tabcorp, TAB said an independent expert report had found that TAB, based in Australia's most populous state of New South Wales, was worth up to $A2.3 billion.