Austar Minority Shareholders Approve Takeover By Foxtel On Proxies
30 Mars 2012 - 6:14AM
Dow Jones News
Austar United Communications Ltd. (AUN.AU) minority shareholders
approved Friday a 1.9 billion Australian dollar takeover bid
(US$1.98 billion) by pay television company Foxtel.
Details of proxy votes are in a presentation to be given to a
shareholder meeting later Friday filed with the Australian
Securities Exchange that shows 393.3 million votes in favor of the
deal and 14.8 million votes against. The deal requires the approval
of minority shareholders to proceed and also needs to be approved
by the Australian Competition and Consumer Commission.
The commission this week delayed its decision on the deal.
Foxtel is 50% owned by Telstra Corp. (TLS.AU) and 25% owned by
each of News Corp. (NWS.AU) and Consolidated Media Holdings Ltd.
(CMJ.AU). News Corp. is the owner of Dow Jones Newswires and The
Wall Street Journal.
-By Gavin Lower, Dow Jones Newswires; 61-3-9292-2095;
gavin.lower@dowjones.com
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