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ACCC Approval Will Be Gold for Unitab Shareholders
Unitab CEO Dick McIlwain and the Unitab shareholders hold their breath and hope for the best until Australian Competition and Consumer Commission (ACCC) renders its decision on Tabcorp's bold bid for UNiTAB.
Both gaming giants, Tabcorp and Tattersall's, have made their respective bids for Unitab, but until ACCC unfolds its verdict, the wagering industry stays hanged in mid-air.
McIlwain and his board has earlier expressed that they while they are eyeing a merger with Tattersall's, it would sure help them if Tattersall's could still come up with ways of improving their bid to make it more competent against Tabcorp's bid.
Brokers favour the Tabcorp $14.25 per share offer over Tattersall's bid, which is not as palatable.
Amid all the anticipation, Tabcorp CEO Matthew Slatter and his executives have expressed confidence that the Unitab will vote in their favour once the ACCC has released its decision.
A Tabcorp spokesman has earlier said: "It is difficult to see how Unitab can continue to recommend the Tattersall's proposal when it is so clearly worth less than Tabcorp's offer."
Still, analysts argue that Tabcorp couldn't afford to be complacent as the full details of Tattersall's takeover has yet to be unfolded at this point when ACCC has not decided on the Tabcorp bid.
As far as the wagering industry observers are concerned, McIlwain and his shareholders are standing at the threshold of exciting auction for their shares pending the ACCC ruling.
Sunday, 13. 2006
Gerald Kernighan