|Australian gaming group Tabcorp Holdings Ltd. has at last finalised its takeover of bookmaker, TAB Ltd, after a long-running campaign beginning last October, which saw the gaming giant beat off strong competition from bidding rivals, UNiTAB. Financial analysts say that Tabcorp now easily rank among the top five betting companies in the world and are well on their way to becoming what the Australian press are calling a ‘7.8 billion dollar betting powerhouse’.|
The TAB board unanimously accepted the Tabcorp offer after the group raised it to 4.77 AUD per TAB share, placing the company’s total value at 2.15 billion AUD. Shares in both groups reacted positively Tabcorp rose 1.73 percent and TAB was up 2.13 percent.
'Our offer provides significant benefits for TAB shareholders including the opportunity to receive a significant premium for their TAB shares', said Tabcorp chairman Michael Robinson in a joint statement with TAB. 'TAB shareholders have the opportunity to become shareholders in Tabcorp, Australia's premier entertainment group.'