Australian casino deal advances

Tuesday, July 6, 2004 | 9:16 a.m.

MELBOURNE, Australia -- Tabcorp Holdings Ltd., Australia's biggest gaming company, today appointed Michael Piggott as chief executive officer of Tab Ltd. after taking control of the business in a A$2.2 billion ($1.6 billion) takeover.

The board of Sydney-based Tab and former chief executive Warren Wilson resigned Monday. Tabcorp appointed five people to the empty board, the Melbourne-based company said in a statement to the stock exchange.

Tabcorp's offer of 0.2 shares and A$2.10 cash is conditional on achieving 90 percent acceptances for its bid, the threshold at which it can compulsorily acquire all remaining shares. It has received acceptances for 57.6 percent.

Tabcorp now controls about a quarter of Australia's A$15 billion a year gambling industry, with a chain of betting shops, four casinos and 18,000 slot machines across three states.

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