British land-based and online sportsbook operator Entain has reportedly lodged an improved bid worth slightly in excess of $2.7 billion for the wagering and media business of Australian bookmaker Tabcorp Holdings Limited.

According to a report from The Sydney Morning Herald newspaper, the all-cash move comes after the Melbourne-headquartered target rejected an initial $2.3 billion approach late last month that was to have given Entain immediate control over its estate of roughly 4,400 land-based sportsbooks spread across the length and breadth of Australia.

Rival runners:

The newspaper reported that this unsuccessful attempt subsequently prompted Tabcorp Holdings Limited to launch a three-month strategic review into its entire business…...