Business Services Industry
PBL bid for Burswood.
Australasian Business Intelligence, October, 2003
Oct 01, 2003 (Herald Sun - ABIX via COMTEX)
Market opinion is divided regarding Kerry Packer's intentions for Western Australia-based casino operator, Burswood. Packer's Publishing & Broadcasting Limited (PBL) acquired a 14.2 per cent stake in Burswood on 30 September 2003. This increased its stake in Burswood to 15.7 per cent. Matthew Reynolds, of Goldman Sachs JBWere, expects PBL to launch a takeover bid for Burswood, adding that the media group has sufficient resources to fund a cash bid. However, other market observers suggest that the share purchase is only a blocking stake. Peter Yates, PBL's CEO, says that his company has no plans for further investment in Burswood at present.
Publication Date: 2 October 2003
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