Burswood Limited

By Intelligent Investor · 24 Jun 2004

By Intelligent Investor ·
24 Jun 2004

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Current price

$0.06 at 16:41 (22 November 2023)

Price at review

$1.42 at (24 June 2004)

All Prices are in AUD ($)

If round one went to the directors, it looks as if round two will go to Kerry Packer and Publishing and Broadcasting. The takeover battle for Burswood Casino, as we explained in issue 153/Jun 04 (Hold for the Upside—$1.45), resembles a delicately poised game of chess. But, after scaring the shareholders who were holding out, PBL announced a slightly higher offer of $1.46 per share. Various conditions attached to it have been removed and the deadline has been extended to July 16. However, shareholders who accept will only get the six-cent increase if the Burswood board recommends the offer and PBL gets 90% of the acceptances. We can’t see Packer increasing the offer again. But there’s no rush at the moment so we recommend subscribers HOLD for now and see what the board says.

IMPORTANT: Intelligent Investor is published by InvestSMART Financial Services Pty Limited AFSL 226435 (Licensee). Information is general financial product advice. You should consider your own personal objectives, financial situation and needs before making any investment decision and review the Product Disclosure Statement. InvestSMART Funds Management Limited (RE) is the responsible entity of various managed investment schemes and is a related party of the Licensee. The RE may own, buy or sell the shares suggested in this article simultaneous with, or following the release of this article. Any such transaction could affect the price of the share. All indications of performance returns are historical and cannot be relied upon as an indicator for future performance.

Burswood Limited

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Burswood Limited

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