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Burswood Rejects PBL Casino Bid

PERTH, Australia – As reported by Dow Jones: "Casino operator Burswood Ltd. (BIR.AU) Thursday rejected Publishing & Broadcasting Ltd.'s (PBL.AU) A$686 million (US$491.395 million) takeover bid as too cheap, with investors also betting that Kerry Packer's company will have to put more money on the table.

"Burswood's directors recommended that shareholders reject the A$1.40 a share offer, after an independent expert said the stock may be worth as much as A$1.68.

"But John Schaap, Burswood's chief executive, declined to quantify what offer from PBL will win the backing of the company's board.

"…Burswood shares climbed one cent to A$1.46 as the market tipped a sweeter offer from PBL, the operator of the Crown casino in Melbourne.

"PBL owns 15.6% of Burswood. Its bid for the remaining shares, unveiled last month, is conditional on PBL gaining 50.1% control…"

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