Gaming giant Tabcorp Holdings Ltd has extended its offer period for the shares of NSW-based gaming firm Tab Ltd by two weeks, to August 4 2004.
Along with its associates Tabcorp said it had about 84.25 per cent of the ordinary shares of Tab.
Tabcorp has previously said that if it acquires at least 90 per cent of Tab shares before the end of the offer period, it will increase the cash component of its offer by 10 cents per Tab share.
The offer would therefore comprise $2.10 in cash, plus one-fifth of a Tabcorp share, for each Tab share.
The implied value of Tabcorp's offer, based on the closing price of Tabcorp shares on July 19, is $4.89 assuming Tabcorp acquires at least 90 per cent of Tab shares before the end of the offer period.
Tabcorp assumed management control of Tab earlier this month after a takeover bid worth more than $2.0 billion.
Tabcorp shares were 16 cents higher on Wednesday at $14.01 and Tab shares rose three cents to $4.86.