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ACCC Asks for Another Fortnight on Tabcorp
The Australian Competition and Consumer Commission (ACCC) needs another fortnight to deliberate on Tabcorp's aggressive $1.9 billion bid for Queensland wagering company Unitab.
While Unitab independent directors have expressed endorsement of Tattersall's merger bid, they also stressed that Tattersall's still need to consider coming up with an alternative offer that will be more competent against Tabcorp's bolder bid.
Tabcorp has offered $14.25 a share but Tattersall's all-share proposal was valued only at $12.12 after recent changes at the stock exchange.
A Tabcorp spokesman recently pointed out to media that with the Tattersall's proposal, Unitab will own only 37% of the merged group. Yet, the spokesman added, "(Unitab) will assume Tattersall's risks and costs of licence renewal."
Although Tabcorp's bid is conditional pending approval from the ACCC and the Queensland Government, Tabcorp maintains that they have anticipated any potential difficulty in the process of the bidding.
Queensland racing and television channel TVN is also expected to protest against the takeover, saying that bidding for racing licences would be restricted.
At any rate, Tabcorp expressed confidence that they will overcome any hurdle along their way to Unitab, including racing industry submissions arguing that the potential deal could cost the racing industry state-based licences.
A Tabcorp spokesman said: "The conditions imposed by the Queensland Government were anticipated by Tabcorp and were announced following extensive discussions between Tabcorp and the Queensland Government."
Sunday, 13. 2006
Edward O'Connor