Bank of America has upped its shareholding in Tabcorp above the five per cent mark as the wagering giant’ s share price retains its recent value increase.
Tabcorp’s share price jumped from 71 cents on August 26 up to a peak of $1.04 this week, a rise of 40 per cent - before settling back to $1.02 by the close on Wednesday.
Bigger investors have flocked to the publicly listed wagering giant, including Bank of America, which now owns 5.06 per cent of the company, which now has a market cap of $2.34 billion.
That’s nearly triple the value of what it was 12 months ago when the share price tanked off the back of a disastrous set of 2023/24 results.
Bank Of America’s recent acquisition was enough to trigger an ASX release advising it had become a substantial shareholder at Tabcorp.
No shareholder may hold more than 10 per cent of Tabcorp without the approval of the NSW government and a change to the Totalizator Act of 1997.