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Tabcorp Takes Lead in Jupiters Negotiations3 March 2003AUSTRALIA – As reported by the West Australian: "Victorian wagering giant Tabcorp assumed pole position in takeover talks with Jupiters yesterday after the Queensland casino and hotel group suspended negotiations with UNiTAB. "After a meeting of its five directors on Saturday, Jupiters told the Australian Stock Exchange it had not reached a final decision and would continue negotiations with Tabcorp. "A well-placed source said there was no deadline for negotiations but a final decision was `days rather than weeks' away. "A merged Jupiters and Tabcorp would create a $5 billion (US$3.07 billion)gaming and wagering giant with interests stretching across Victoria, NSW and Queensland. "… UNiTAB chief executive Dick McIlwain said he was not disappointed the Queensland-based wagering group had been pushed aside in the race for Jupiters and the company would consider terminating negotiations in a few days. "…Tabcorp is expected to offer 60 per cent cash and 40 per cent equity with the option for shareholders to elect to take only cash or only shares. "…UNiTAB and Jupiters began merger discussions in December and a few weeks later Tabcorp indicated it would like to take over the company." |