Tabcorp and Tatts have announced a merger whereby Tabcorp will purchases all the ordinary shares in Tatts Group. In exchange for their shares, Tatts current shareholders will receive Tabcorp shares and end up with around 42% of the expanded company. Both Tabcorp and Tatts have ASX-listed notes. Both were issued with “change of control” clauses, which if triggered, allow the holder to redeem the notes prior to the first call...