Tabcorp, Jupiters Merger Clears Final Hurdle

AUSTRALIA – As reported by the Australian Associated Press: "The $1.7 billion (US$1.2 billion) merger between gaming groups Jupiters Ltd and Tabcorp Holding Ltd cleared its final hurdle yesterday, with regulatory approval obtained from the courts.

"The Queensland Supreme Court approved the schemes of arrangement between Jupiters and its ordinary and preference shareholders, clearing the decks for the Tabcorp acquisition to proceed.

"The order led to the Queensland company's shares being suspended from quotation on the sharemarket at the close of trade.

"…Speaking after the court hearing in Brisbane yesterday, Jupiters managing director Rob Hines said it was a good day for all.

"…Mr Hines said all that was remaining to complete the merger was to finalise the administration surrounding the method of payment for shareholders.

"…Tabcorp said yesterday that it would dispatch holding statements for Tabcorp shares and cash consideration by November 20…"