Australia's Tabcorp sweetens bid for rival after getting crucial approval - 2004-02-22
Australian gaming giant Tabcorp presented a sweetened offer for smaller rival TAB Monday, increasing the stakes as the country's gambling operations consume each other in the race to find new profits.
Victoria state-based Tabcorp Holdings Ltd.'s 2.03 billion dollar (1.57 billion US) bid for TAB Ltd. would make Australia's biggest gaming group even bigger, controling venues in the country's two most populous states.
Tabcorp has made a cash and scrip offer valuing New South Wales-based TAB at about 4.50 dollars a share.
Its new bid is an increase from an earlier 1.9 billion dollar offer and comes in slightly below a bid made by Queensland casino operator UNiTAB.
Read the full story at Channel News Asia