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Tabcorp Confident on Unitab Takeover
Gaming giant Tabcorp Holdings has told the media that investors do favour Tabcorp's $1.9 billion takeover offer for Unitab over rival Tattersall's bid.
Tabcorp and Tattersall's are in competition for control of Unitab, which has earlier agreed to a merger with Tattersall's in case no better offer comes along.
Unitab has earlier announced that it continued to support a "merger of equals" with Tattersall's but then their analysts wanted Tattersall's to point further details into its proposal for it to really stand out against Tabcorp's bold takeover bid.
"The market has made up its own mind as to what the Tattersall's proposal is worth," a Tabcorp spokesman said on Tuesday.
"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."
Tattersall's is offering 4.33 of its shares for each Unitab share. Both bids similarly imply a value of $14.25 per Unitab share.
But Tabcorp pointed out the recent changes at the Australian Stock Exchange, where Tattersall's implied value was only $12.12.
A Tabcorp spokesman recently told business insiders: "The implied value of Tabcorp's offer of $14.25 is demonstrably superior to the implied value of Tattersall's proposal."
The Tabcorp spokesman further said: "Why should Unitab shareholders accept a lower value for their Unitab shares?"
Wednesday, August 23 , 2006
Victor Copeland