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Packer Expected to Target Burswood Again

31 May 2004

AUSTRALIA – As reported by the Australia Advertiser: "Kerry Packer is expected to launch a fresh assault against Burswood Casino within the week.

"After damning Burswood's rejection of his $686 million offer, senior management at Mr Packer's Publishing & Broadcasting spent the weekend fine-tuning their argument why Burswood should yield.

"…Citing an independent expert's report, Burswood has rejected PBL's $1.40 a share offer as 'neither fair nor reasonable'. It estimates a fair offer would range between $1.52 and $1.68.

"…Burswood argues PBL's offer has failed to reflect its 'current financial and operating performance' nor does it acknowledge its 'future growth prospects'…"

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