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Broker: UNiTAB Could Bid $2.5 Billion

14 November 2003

AUSTRALIA – As reported by the Sydney Morning Herald: "A leading broking analyst has estimated that UNiTAB could afford to bid as much as AUD$2.5 billion (US$1.8 billion)for TAB if the Queensland-based wagering group was forced into a bidding war with Tabcorp.

"This comes as the NSW Opposition said it would support the Government's proposal to change legislation to allow TAB to merge with either UNiTAB or Tabcorp.

"…The Government plans to remove the 10 per cent limit on shareholdings in TAB and scrap cross-ownership rules preventing a company holding both a wagering licence and the Star City casino, which is owned by Tabcorp.

"Goldman Sachs JBWere analyst Matthew Reynolds said the changes would increase the chances of UNiTAB's launching a counter-bid for TAB…"

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