Wednesday, Dec. 17, 2003 | 8:59 a.m.
MELBOURNE, Australia -- Tabcorp Holdings Ltd.'s proposal to bid for smaller gaming company rival Tab Ltd. won't be blocked by Australia's Competition & Consumer Commission.
The regulator "does not propose to intervene" in Melbourne- based Tabcorp's merger proposal, the ACCC said in a statement.
Tabcorp, Australia's largest gaming company, has offered 23 of its shares and A$162 of cash for every 100 Tab shares. Sydney- based Tab is the country's No. 2 gaming company.
"This is another piece in the jigsaw," said Tabcorp Chief Executive Matthew Slatter in a statement. "It's an important step in the process."
Last month, Slatter said the combined businesses -- with 18,000 slot machines, four casinos and betting shops in three states -- would have 22 percent of Australia's gambling market.
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