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Tabcorp Slams Unitab Takeover Rejection
Tabcorp "has called Unitab's latest rejection of its takeover bid extremely difficult to understand & again criticised the conclusions of independent expert Deloitte," reported The Australian Financial Review. Victorian gaming giant Tabcorp said "its bid of $14.25 a share was better than a rival scrip offer from Tattersall's that at present valued Unitab shares at $12.77". But Unitab replied Tabcorp was "wrong to value the Tattersall's merger based on present share prices" & Unitab managing director Dick McIlwain declared: "That is the simpleton's methodology! The merged company isn't just the Tattersall's business. It's the Unitab & Tattersall's businesses together."