Report: Tattersall's Bid for UNiTAB is Fair - Friday 2nd of June 2006

AUSTRALIA – 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…"

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