Australian gambling company Tabcorp has rejected multi-billion offers for its wagering and media division, after UK-based Entain said it was among those looking to acquire the business.

FTSE 100 company Entain, which runs Bwin, Coral, Ladbrokes, PartyPoker, and Sportingbet, said in February that it was in “early stage” discussions with Tabcorp Holdings.

The company said: “This would present an opportunity to acquire an attractive business which, if combined with Entain’s existing Australian business, would create a leading, integrated multi-channel and multi-brand wagering company.”

Tabcorp, in an announcement to the Australian Stock Exchange, valued their wagering and media business at three billion Australian dollars, or £1.66 billion, and said the proposals fell short of expectations.