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Minister Rejects UK Racing £320m Bid To Buy Tote

Friday, 7th March 2008

In the UK, Sport Minister Gerry Sutcliffe "dropped the flag on the sale of the Tote on the open market by rejecting racing's £320 million (A$680m) bid for the bookmaker & pool-betting operator," reported racingpost.co.uk. Sutcliffe said the decision to reject the racing consortium & Tote senior management's final offer had been taken "with great regret" & revealed advisers "will be appointed shortly to help the government produce strategic options" for the open-market sale. Betfred & Gala Coral "were quickest out of the starting gates" as both firms "repeated previously expressed interest in acquiring the Tote".

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