Tabcorp Shares Rocket Following Tab Takeover
By philip
Shares in leading Australian bookmakers, Tabcorp, are currently breaking new records, largely due to takeover of smaller bookmaker TAB. Now priced at 14 AUD, the highest they’ve ever been, Tabcorp announced that acceptances for the Tab bid have reached 35 per cent of Tab's shares, with the offer period set to close on July 7.

Tabcorp's managing director Matthew Slatter, speaking this week in Brisbane at a business lunch on industry consolidation, said he remained confident of gaining 90 per cent of TAB.

'We are now up to 35 per cent (including a 5 per cent block about to be finalised), so we are starting to see institutional stock coming through and I expect to see more coming through this week,' he said.

'If we don't when the offer closes, we've got a business plan there to run (TAB) with minority shareholders and are fully prepared to do that if that's the outcome.'

Tabcorp began its takeover of TAB in May, following a protracted bidding war, dating back to last October, during which the company was able to see off bids from rivals Unitab. Tabcorp is now thought to rank among the five biggest betting companies in the world.

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