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Australian Regulators Target Burswood Bid

AUSTRALIA – As reported by the Australian: "Simmering opposition to Kerry Packer's $600 million bid for control of the Burswood casino in Perth has seen the corporate regulator exercise rarely used powers to force institutional investors to clarify public statements on the hostile bid.

"The Australian understands the Australian Securities & Investments Commission called for statements from the institutions who opposed the bid to comply with the 'truth in takeovers' provisions of the Takeovers Act.

"…Previously, ASIC action was almost exclusively confined to statements made by company directors involved in the deal.

"…ASIC would not officially confirm its intervention. Its move prompted speculation that PBL, which is majority owned by Kerry Packer, asked the regulator to act. But that was strenuously denied by a PBL insider…"

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