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Australian Government Meddles in Tapcorp Bid for Jupiter

23 January 2003

AUSTRALIA – As reported by the (Australia) Courier-Mail: "The Queensland Government is playing its cards close to its chest on just what sort of incentives Victorian gaming group Tabcorp Holdings might have to offer in order to have it wave through a $1.4 billion (US$826.5 million) cash and scrip takeover bid for Jupiters.

"Nor is Treasurer Terry Mackenroth prepared to comment on George Street's attitude toward a rival plan for wagering group UNiTAB to merge with Jupiters which would see virtually every dollar gambled in the state pass through just one massive corporate till.

"…Jupiters expects to be in a position to update shareholders on the outcome of separate discussions with Tabcorp and UNiTAB within four weeks but it goes without saying that Tabcorp will need a board recommendation to have any real chance of success.

"While fears that the Beattie Government might adopt a protective hardline `Queensland Inc' stance appear somewhat unfounded, Canberra-based consultant and former Labor adviser Endeavour Consulting Group believes the administration may well seek some concessions relating to head office location or other job creating initiatives as political capital…"

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