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Packer Piles Pressure onto Burswood

19 July 2004

AUSTRALIA – As reported by the Australian: "Publishing & Broadcasting Ltd has continued to pile the pressure on takeover target Burswood, yesterday outlining new conditions for any extension of its offer as it creeps closer to gaining control of the West Australian casino operator.

"Kerry Packer's media and gaming group said yesterday that it would extend the bid for a fourth time only if the board recommended its bid by Friday or if it had secured more than half of Burswood's shares by the new deadline of July 28.

"PBL, which announced the third time extension Friday night, has now amassed 37 per cent of Burswood's scrip.

"While Burswood's directors were hoping PBL would remove a 90per cent acceptance condition - which must be met before its higher offer of $1.36 a share kicks in - PBL instead took a tough line on its board's recent move to declare a 10c dividend.

"…But PBL said it would not consider waiving the 90 per cent acceptance condition until Burswood's directors accepted its offer…"

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