The opinion I have heard goes something like this: an entity (such as Maq bank) would lead a takeover bid. They would go into this bid with partners such as PBL. Once the deal was complete then the separate parts of Tabcorp would be sliced up by the partners (eg. PBL gets casinos, Tatts gets what?? Horse racing perhaps).
All opinion rather than fact of course.
cr.p results, page-29
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