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UNiTAB Tells Investors to Hang In There
UNiTAB shareholders have once again been made to wait for a rescheduled meeting to vote on potential merger with Tattersall's because the Australian Competition and Consumer Commission (ACCC) deferred its decision on Tabcorp's much bolder bid for UNiTAB until August 2.
ACCC has received requests from unnamed parties for an extension to its deadline for submissions.
UNiTAB previously delayed its shareholders meeting to July 26 for the purpose of giving its shareholders the opportunity to know if Tabcorp had a satisfying bid before voting on the Tattersall's proposal. With a delay in ACCC ruling, subsequent deferrals were inevitable.
UNiTAB executive Barry Fletton had earlier explained that UNiTAB needed to delay its meeting until they have in their hands the ACCC decision. "It's a material piece of information for our shareholders," Fletton told the media.
UNiTAB had previously issued remarks that while they are eyeing a merger with Tattersall's, the company would have to further improve the deal so as to lessen the temptation on Tabcorp's offer.
Brokers favour the Tabcorp $14.25 per share offer over Tattersall's bid, which is not as palatable for brokers.
At this point, however, Tabcorp and UNiTAB are likely to wait for the ACCC decision before offering any increase in their bids.
Wednesday, August 23 , 2006
Brian Letendre