The merger will be completed by UNiTAB then issuing TAB shareholders 48 of its shares for every 100 they hold in TAB. "UNiTAB has extracted the most value out of the deal," said CCZ Equities analyst Tony Waters. It was more of a defensive manoeuvre for TAB, which faced the prospect of its Victorian counterpart, Tabcorp, launching a bid for UNiTAB.