Tabcorp Delivers Knockout Blow

23 Apr 2004

AUSTRALIA – As reported by the Australia Age: "Victoria's Tabcorp has taken a stranglehold on the country's gambling industry, delivering what appears to be a knockout blow in the $2 billion (US$1.46 billion) battle for control of Sydney-based TAB Ltd.

"The final twist came after Tabcorp's Queensland rival UNiTAB announced yesterday it would 'not (be) extending its bid' beyond last night's 7pm deadline, effectively allowing the Victorian group to proceed unchallenged with its current $4.50-a-share offer.

"In exchange for its surrender - and in the event TAB shareholders accept the Tabcorp bid - UNiTAB will be sold TAB's gaming machine business for $175 million (US$128 million) and Tabcorp's gaming machine monitoring and jackpot businesses in Queensland for $40 million (US$29.26 million).

"…Analysts agreed that UNiTAB had done the right thing by its shareholders.

"…Analysts said the only loser would be TAB, which now lost the competitive bidding pressure that might have secured it shareholders a better price. Its shares tumbled 16¢ to $4.54 yesterday…"

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	Tabcorp Delivers Knockout Blow 23 Apr 2004 AUSTRALIA – As reported by the Australia Age: "Victoria's Tabcorp has taken a stranglehold on the country's gambling industry, delivering what appears to be a knockout blow in the $2 billion (US$1.46 billion) battle for control of Sydney-based TAB Ltd. "The final twist came after Tabcorp's Queensland rival UNiTAB announced yesterday it would 'not (be) extending its bid' beyond last night's 7pm deadline, effectively allowing the Victorian group to proceed unchallenged with its current $4.50-a-share offer. "In exchange for its surrender - and in the event TAB shareholders accept the Tabcorp bid - UNiTAB will be sold TAB's gaming machine business for $175 million (US$128 million) and Tabcorp's gaming machine monitoring and jackpot businesses in Queensland for $40 million (US$29.26 million). "…Analysts agreed that UNiTAB had done the right thing by its shareholders. "…Analysts said the only loser would be TAB, which now lost the competitive bidding pressure that might have secured it shareholders a better price. Its shares tumbled 16¢ to $4.54 yesterday…"