UPDATE 1-Australia's Tatts rejects KKR-backed bid as inferior to Tabcorp's

SYDNEY, Dec 23 (Reuters) - Australia's Tatts on

Friday rejected a takeover bid worth up to A$7.3 billion ($5.27

billion) from a consortium backed by KKR and Macquarie

Group, saying it preferred an earlier offer from

Tabcorp Holdings Ltd.

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