Tabcorp Shares Bounce, But One High-Stakes Tote Deal Could Decide What Comes Next
Tabcorp Holdings shares entered Wednesday’s Sydney pre-open with a modest rebound behind them and a larger test ahead, after the stock last traded at A$0.685 on Tuesday, up 1.5%, while the S&P/ASX 200 — Australia’s main share index — closed 1.17% higher at 8,604.70. The ASX cash market had not yet moved into normal trading; ASX says continuous trading runs from about 09:59:45 to 16:00 Sydney time. The reason it matters now is that Gillon McLachlan’s turnaround plan is running into a narrow window. The Australian reported that the Tabcorp chief executive has been in daily talks with Racing NSW boss Peter V’landys over a national tote deal that could be clinched as soon as this week, with agreements still