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Burswood Shares Fall

9 June 2004

AUSTRALIA – As reported by the Sydney Morning Herald: "Burswood shares fell yesterday after the sudden departure of PBL head Peter Yates threw doubt on the prospect of a higher offer coming from the Packer's media and gaming company.

"Burswood chairman Don Watt said he has not talked to either James Packer or Peter Yates since the two walked into his office in April this year and announced their hostile bid for the Perth casino.

"…The market reacted cautiously to the news, sending Burswood shares down 3c to $1.42 but the stock is still priced 2c above PBL's cash offer.

"The bid, which valued Burswood at $686 million, is not a make-or-break acquisition for the $8.5 billion PBL empire but some market watchers suggested that it may have been for Mr Yates, who had been hired for his merger and acquisitions skills…"

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