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ACCC Rejects Gaming Giant Tabcorp Holdings' Offer

Following the Australian Competition and Consumer Commission (ACCC)'s rejection of their bid, gaming giant Tabcorp Holdings has withdrawn its very aggressive AU$ 1.9 billion bid for Unitab.

The Australian regulator claims that Tabcorp's proposed takeover of Unitab could only pave the way for Tabcorp's sole ownership of all the major totalisators on the land down South.

A Tabcorp spokeman has said the firm disagrees with the ruling, but they will not appeal or challenge the ACCC decision.

As a consequence of the recent developments, Tattersall's "merger of equals" offer for the wagering business is almost crossing the threshold to formality.

Still, analysts in the industry are not saying that Tattersall's already has Unitab in the bag. Online as well as casino gamblingand wagering enthusiasts claim that Tattersall's offer does not give Unitab much control in the business unless it raises its bid.

Meanwhile, Unitab shareholders seem to be in the same frame of analysis as the company's CEO, Dick McIlwain, who has previously said that Tabcorp's bid of $14.25 a share was not easily acceptable.

Unitab's biggest individual shareholder, Kevin Seymour, earlier remarked, "Dick's pretty astute in calculating the worth of the company and I wouldn't disagree with that."

McIlwain made the remarks even as the Unitab board expressed support for Tattersall's bid.


24 January 2007
News Submitted by:
Lauren Desmond

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