Austar: Foxtel To Take Over Company In A$2.5 Billion Deal
11 Juillet 2011 - 12:16PM
Dow Jones News
Australian pay television operator Austar United Communications
Ltd. (AUN.AU) said Monday it has reached an agreement for rival pay
television operator Foxtel to take over Austar in a deal that
values the company at A$2.5 billion.
The company said in a statement the proposed deal, which had
been agreed by majority shareholder Liberty Global Inc. (LBTYA),
would see shareholders receive A$1.52 per share and be implemented
through a series of transactions and a scheme of arrangement.
It said Austar's independent directors recommended that minority
shareholders vote in favor of the scheme in the absence of a
superior offer and subject to an independent expert concluding that
the takeover is in the best interests of shareholders.
"We look forward to completing the transaction and believe it
represents compelling value for all shareholders," said Austar
Chairman and Chief Executive of Liberty Global Mike Fries.
The takeover is subject to conditions including approval by the
Australian Competition and Consumer Commission and the Foreign
Investment Review Board and shareholders and rulings by the U.S.
Internal Revenue Service.
Shareholder meetings to vote on the scheme are yet to be
scheduled but Austar said it is expected to be implemented in
either December or early 2012.
Foxtel is 50% owned by Telstra Corp. (TLS.AU) and 25% each by
News Corp. (NWS) and Consolidated Media Holdings Ltd. (CMJ.AU).
-By Gavin Lower, Dow Jones Newswires; 61-3-9292-2095;
gavin.lower@dowjones.com
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