tabcorp-may-increase-its-price-to-thwart-unitabs-merger-plans

Tabcorp may increase its price to thwart UNiTABÆs merger plans

UNiTAB directors stand firm on a merger with TattersallÆs as Tabcorp writes to the companyÆs shareholders urging them to accept a A$2.1 billion takeover offer.
Tabcorp chairman Michael Robinson wrote to shareholders in UNiTAB on Tuesday urging them to accept a A$14.25 per share offer despite resistance from UNiTABÆs directors to the proposed acquisition.

The deal values the Queensland gaming company at A$2.1 billion, but UNiTAB says this is too low given the current trading price of A$14.78 and a three-month volume weighted average price of A$14.78 a share calculated on 1 June.

UNiTAB has recommended that shareholders back a proposed nil premium merger with TattersallÆs Limited û TabcorpÆs rival in the Victorian gaming sector. The directors say the TattersallÆs plan gives UNiTAB shared control of the board, protects the companyÆs business model and gives it a higher post-merger...
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