tabcorp takeover offer?

Please see below recent article;
Tabcorp poker-faced on offer
VANDA CARSON
November 13, 2009
TABCORP is planning a push into the pub sector, through the possible acquisition of listed hotelier National Leisure and Gaming.
The move could make Tabcorp one of the major hotel operators in Australia. It is also strategic as Tabcorp can use it to counter the impending loss of its half of the Victorian poker machine duopoly.
Speculation about NLG has fuelled talk that other pub operators could be targeted, including NLG's landlord, the ailing Hedley Leisure and Gaming. If it moves on NLG, Tabcorp would be buying at the bottom of the market and buying more than 900 poker machines.
NLG, which has 36 leasehold pubs in NSW and Queensland, has a market capitalisation of $15 million, but was worth $370 million when it floated four years ago.
The company borrowed heavily at the top of the market and has been hit by falling poker machine, food and beverage revenues.
Tabcorp would probably buy the shares on market and also take on the company's debt.
NLG's banker, a division of National Australia Bank, which has lent it $183 million, could put pressure on it to accept the bid.
NLG non-executive director David Greek said he would ''prefer not to comment'' when asked about the discussions. NLG chief executive Andrew Joliffe was unavailable for comment as he was attending a gaming conference in the US.
NLG's trading outlook for the 2009-10 financial year forecasts total revenue of about $197 million, including about $94 million from poker machines.
NLG told the market yesterday it had been approached but that ''those approaches have to date [not] been sufficiently developed to warrant disclosure to the market''.
''The directors note, however, that having regard to the recent rise in the company's share price, it is appropriate … to advise the market that the approaches that have been received have involved indicative valuations for NLG equity at levels below the current share price.''
NLG shares yesterday fell 21 per cent to close at 3¢. They had climbed 27 per cent on Wednesday