PBL ups Burswood stake

Publishing and Broadcasting chairman James Packer and Burswood chairman Don Watt have written a joint letter to Burswood shareholders to try and hasten acceptances of PBL’s takeover offer.

PBL disclosed this week that it directly owns 53.25 per cent of Burswood and effectively controls a further 19.27 per cent through an institutional acceptance facility set up by its adviser, UBS.

It has extended the takeover to Thursday August 19 to give Burswood shareholders an opportunity to accept.

Burswood shareholders who accept the offer are guaranteed a price of $1.30 per share and would receive a further six cents per share if PBL acquires at least 90 per cent.

If that occurs, PBL will be able to compulsorily acquire the remaining shares and move to full ownership of the gaming and hospitality company.

“We urge you to accept PBL’s offer as soon as possible to accelerate receipt of your consideration and maximise the chances of PBL’s offer being increased by an additional six cents per share,” Messrs Packer and Watt say in the letter.

Burswood’s directors have all accepted the offer in respect of their directly owned shares, which ranged from the 55 shares held by non-executive director Fiona Harris to the 252,550 shares held by managing director John Schaap.