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Australian Groups to Merge

5 November 2003

AUSTRALIA – As reported by the Australian Broadcasting Corporation: "Victorian-based Tabcorp has announced plans to merge with New South Wales gaming group, TAB. Tabcorp is offering TAB shareholders 23 Tabcorp shares and $162 cash for every 100 TAB shares.

"…Tabcorp chief executive Mathew Slatter says if the New South Wales Government approves the proposal, legislative amendments would be needed. Mr Slatter says it is a good deal for TAB shareholders.."

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