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TAB Weighs Tabcorp Takeover

7 Nov 2003

AUSTRALIA – As reported by the (Australia) Mercury: "Advisers to TAB will work through the weekend to provide information to the NSW gambling company as to how to proceed with Tabcorp's merger proposal.

"The TAB board is under pressure to weigh up the $2.3 billion takeover offer from Victoria's Tabcorp which could potentially gazump its own merger agreement with Queenland's Unitab.

"However, given the regulatory and legal hurdles the proposal faces, observers believe TAB is unlikely to indicate where it stands before the middle of next week.

"…Despite the surprise takeover announcement from Tabcorp on Wednesday, TAB staff were yesterday continuing to do due diligence on Unitab as part of its $2 billon merger.

"…`We're not going to go away,' Unitab managing director Dick McIlwain said.

"…Mr McIlwain views the Tabcorp proposal as `highly conditional and speculative'…"

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