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TABCORP Holdings and Jupiters agrees 2003-06-13
Two gigantic Australian corporations have came to an agreement regarding the terms of their new big deal of $1.7 Billion. The corporations, TABCORP Holdings and Jupiters already own at least 18,000 gaming machines at the east coast of Australia and are also working in collaboration with Keno operations. In addition, the own and manage hotel resorts and casinos in Queensland and NSW and off course wagering and sports betting in Victoria. At the moment, the proposal on debate is that the both companies will unite and together will become the largest company in Australia. Jupiters has offered its shareholders to support this plan. By selling one of the agencies "Centrebet", it will focus on one main goal in the casinos and the agreement is planned to end in July. If indeed the agreement will be approved by the end of this year, the shareholders will receive the value of the net Centrebet proceeds pro rated to the number of ordinary Jupiters shares held. If this agreement will not be completed until the end of this year, Tabcorp will continue the sale process until June 30 2004. For the moment, Jupiters has suspended its dividend reinvestment plan though the shareholders will not be neglected and will receive a final ordinary dividend. The predictions for the unite is that the written agreement will be sent to Jupiters shareholders in August and the the contacts regarding the unite conditions will be discussed a month later. Jupiiters have announced that they will be happy to complete the sale of "Centerbet" in September this year and have already applied to the Australian tax office for tax rulings for them to decide on the shares offered fully free special dividend of 75c cash per Jupiters ordinary shares. We hope that it all goes as planned and if it does I am sure we will keep you updated on it!
(By Liat)