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Tatts Worry Over Unitab Vote Delays

Friday, 14th July 2006

Tattersall's "is concerned its $4 billion merger with Queensland wagering group Unitab won't be completed by the end of August (when the deal is due to lapse)" reported The Australian Financial Review. The company "is concerned about constant delays in bringing on the vote by Unitab shareholders"; as a "result of an investigation by the competition regulator into Tabcorp's rival $2.1 billion takeover bid for Unitab, the vote will not take place until August 21". A merger "is set to lapse on August 31 if the deal is not done"; the 2 parties "must agree to extend the timetable or walk away". Tattersall's chief executive Duncan Fischer called for an end to the battle, telling the newspaper: "We believe reaching a timely conclusion is important to both Tattersall's & Unitab shareholders." Meanwhile the Australian Competition & Consumer Commission "is investigating the effect on the wagering & gambling market of a successful Tabcorp bid for Unitab"; it is "set to announce its findings (& whether it will block Tabcorp's bid) on August 2".

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