Thursday, June 01, 2006

As reported by New Zealand Stuff: "An agreed $A1.7 billion ($NZ2.05 billion)
bid by Australia's biggest lottery operator, Tattersall's Ltd, for
second-ranked wagering group UNiTAB Ltd is fair and reasonable, according to
an independent expert's report. "The report by Deloitte Corporate Finance
comes after Australia's competition watchdog last week cleared the way for
the bid to go ahead. "Tattersall's made an agreed bid for UNiTAB in March,
offering 4.33 of its shares for each UNiTAB share. At Tuesday's close, that
valued UNiTAB shares at $A12.90, well below UNiTAB's close of $A14.75,
indicating investors expect a higher bid to emerge. "A statement released by
the two companies to the Australian Stock Exchange on Wednesday said
Deloitte assessed standalone trading values per share of $A12.40-$A13.50 for
UNiTAB and $A3.10-$A3.40 for Tattersall's."