Tabcorp Makes Counter-Offer for TAB

23 Feb 2004

AUSTRALIA – As reported by the Australian: "Tabcorp yesterday charged back into the takeover battle for the NSW TAB with a $2 billion (US$1.54 billion) counter-offer promising more cash than the rival tilt from Queensland's Unitab.

"Crucially, the Tabcorp offer is supported by the NSW racing industry - a condition Unitab has not yet satisfied.

"But analysts said Tabcorp's offer was not a knockout bid, with Unitab's offer still marginally higher at current share prices.

"After nearly two months of speculation, Victoria's Tabcorp has reignited its desire to build a $6 billion gambling colossus.

"…Market observers said the Tabcorp bid was not a done deal after Unitab managing director Dick McIlwain told the market: "Don't rule anything out and don't rule anything in." And analysts, who had expected a king-hit bid from Tabcorp of $4.60 to $4.80 a share, said there was still hope for Unitab…"

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	Tabcorp Makes Counter-Offer for TAB 23 Feb 2004 <a href='https://ad.casinocity.com/adclick.php?n=a21efcd1'><img src='https://ad.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt='' /></a> AUSTRALIA – As reported by the Australian: "Tabcorp yesterday charged back into the takeover battle for the NSW TAB with a $2 billion (US$1.54 billion) counter-offer promising more cash than the rival tilt from Queensland's Unitab. "Crucially, the Tabcorp offer is supported by the NSW racing industry - a condition Unitab has not yet satisfied. "But analysts said Tabcorp's offer was not a knockout bid, with Unitab's offer still marginally higher at current share prices. "After nearly two months of speculation, Victoria's Tabcorp has reignited its desire to build a $6 billion gambling colossus. "…Market observers said the Tabcorp bid was not a done deal after Unitab managing director Dick McIlwain told the market: "Don't rule anything out and don't rule anything in." And analysts, who had expected a king-hit bid from Tabcorp of $4.60 to $4.80 a share, said there was still hope for Unitab…"