It sounds to me like sour grapes on the part of the TAB board. They were hoping for TAH and UTB to battle it out for TAB. Instead what's happened is TAH and UTB have done a deal which sees UTB give up it's battle by gaining some concessions from TAH should they succeed.
TAB shareholders get: $4.50 roughly. Pretty much what's been on the table from the early days of the takeover battle.
UTB get: some lucrative(?) parts of TAB & TAH's businesses which compliments their own business and also gets to walk away with not having to pay too much for TAB.
NSW Racing Industry get: more money from TAH than they currently get from TAB should the TAH takeover succeed. Although not as much as they might have got had UTB battled on.
TAH gets: TAB if their bid is successful, cheaper than they were probably expecting to.
Having said all this, I worry that TAH might not be getting a poisoned chalice given the recent and continuing battle over telecast rights.
NB: I am a shareholder in TAH (bought in the IPO nearly 10 years ago)
