MELBOURNE: Tabcorp Holdings Ltd, Australia’s largest gaming group, increased its offer for rival Tab Ltd to A$2.03bil yesterday, but failed to top a competing bid that has hit a regulatory hurdle.
Queensland-based UNiTAB Ltd’s rival bid is worth A$2.1bil, but Tabcorp’s offer has won crucial backing from the New South Wales racing administrator and has a richer cash component. The racing administrator has rejected the UNiTAB offer, saying it is less favourable.
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