TAB Accepts Tabcorp Takeover Bid

27 May 2004

NEW ZEALAND – As reported by the New Zealand Herald: "TAB, Australia's second-biggest gaming group, accepted a sweetened A$2.15 billion (US$2.44 billion) takeover bid from larger rival Tabcorp Holdings yesterday, ending a seven-month battle.

"…Tabcorp's purchase of TAB, its second acquisition since chief executive Matthew Slatter took office in late 2002, makes the gaming group eight times larger than its closest rival, Unitab. It also makes it the dominant gaming and wagering group in Victoria and New South Wales, Australia's two most populous states.

"Tabcorp already runs 18,000 gaming machines and four of Australia's 13 casinos.

"…Tabcorp's latest cash and shares offer values TAB at A$2.15 billion, or A$4.77 a share, 10c above the previous bid of A$4.67. But it was below a TAB-commissioned independent expert's assessment of TAB's value of between A$4.84 and A$5.09 a share.

"The new offer is conditional on Tabcorp winning 90 per cent of TAB shares…"

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	TAB Accepts Tabcorp Takeover Bid 27 May 2004 NEW ZEALAND – As reported by the New Zealand Herald: "TAB, Australia's second-biggest gaming group, accepted a sweetened A$2.15 billion (US$2.44 billion) takeover bid from larger rival Tabcorp Holdings yesterday, ending a seven-month battle. "…Tabcorp's purchase of TAB, its second acquisition since chief executive Matthew Slatter took office in late 2002, makes the gaming group eight times larger than its closest rival, Unitab. It also makes it the dominant gaming and wagering group in Victoria and New South Wales, Australia's two most populous states. "Tabcorp already runs 18,000 gaming machines and four of Australia's 13 casinos. "…Tabcorp's latest cash and shares offer values TAB at A$2.15 billion, or A$4.77 a share, 10c above the previous bid of A$4.67. But it was below a TAB-commissioned independent expert's assessment of TAB's value of between A$4.84 and A$5.09 a share. "The new offer is conditional on Tabcorp winning 90 per cent of TAB shares…"