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Woolworths, Tabcorp May Bid for National Leisure, Review Says
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By Rebecca Keenan

Dec. 8 (Bloomberg) -- Woolworths Ltd. and Tabcorp Holdings Ltd. may consider making offers for Australian pub operator National Leisure & Gaming Ltd., the Australian Financial Review reported.

Woolworths is conducting due diligence on the accounts of National Leisure, the newspaper said citing sources close to the transaction. Tabcorp has held talks with National Leisure and its advisers at Andover Group, the newspaper said.

More groups may be interested in making offers for National Leisure including a private equity group, the newspaper said.

National Leisure has more than 900 poker machines at more than 30 pubs in New South Wales and Queensland, the newspaper said. The company has A$180 million ($164 million) in debt provided by National Australia Bank, it said.

To contact the reporters on this story: Rebecca Keenan in Melbourne at [e-mail];
Last Updated: December 7, 2009 15:40 EST