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Packer Sweetens Offers to Burswood

21 June 2004

AUSTRALIA – As reported by the Australian: "Kerry Packer's Publishing & Broadcasting Limited has offered a small carrot in its hostile bid for West Australian casino group Burswood.

"It will increase its bid by $25.2 million – but only if it gains 90 per cent of the stock and the bid is recommended by the target company. PBL said the offer, which was final, would increase to $1.46 per share from $1.40 but only if the two conditions were met.

"…But sellers will only receive the extra 6c a share if PBL moves to compulsory acquisition and Burswood's directors unanimously recommend PBL's offer.

"…The directors yesterday advised shareholders to take no action while the board considered its options.

"…PBL already owns 16 per cent of Burswood, and at the new offer price it would pay $613.2 million for the remaining shares. PBL said its existing stake prevented any rival bidder from compulsorily acquiring Burswood…"

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