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Unitab Rejects Tabcorp, Stands by Tattersall's Offer

5 Jun 2006

AUSTRALIA -- As reported by Bloomberg: "Unitab Ltd., Australia's second- largest wagering company, rejected an unsolicited A$1.9 billion ($1.4 billion) bid from Tabcorp Ltd., saying it favored an agreed-upon offer by Tattersall's Ltd.

"Tabcorp's bid is 'inadequate' and doesn't pay a premium for winning control of a rival, Brisbane-based Unitab said today. Unitab prefers Melbourne-based Tattersall's A$1.7 billion cash and stock offer that gives its existing shareholders a stake in the enlarged company.

"...Tabcorp Chief Executive Officer Matthew Slatter is seeking to control Australia's A$2.4 billion off-track betting industry by taking over Unitab, which is a rival for his horse and sports betting license in Victoria state..."

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