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Austar: Foxtel To Take Over Company In A$2.5 Billion Deal

MELBOURNE -(Dow Jones)- 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

Stock News for Liberty Global (LBTYB)
DateTimeHeadline
04/26/201617:30:00Liberty Global Schedules Investor Call for First Quarter Results
04/20/201612:30:00Liberty Global Receives Shareholder Approval for Acquisition...
04/12/201617:00:00Liberty Global to Hold General Meeting of Shareholders in Connection...
03/22/201609:26:00BT Must Improve Business Services: Regulator -- Update
03/14/201616:44:00Liberty Global Announces Definitive Proxy Statement Regarding...
03/02/201616:30:00Liberty Global to Present at the Deutsche Bank 24th Annual Media...
03/02/201608:38:00ITV Profit Rises; Pays Special Dividend -- Update
02/24/201616:01:00Liberty Global to Present at the Morgan Stanley Technology, Media...
02/22/201609:07:00Vodafone, Liberty Dutch Deal Positive, Moody's Say
02/16/201605:33:00Vodafone CEO: Liberty Deal Not "Blueprint" for Other Markets
02/15/201622:40:00Liberty Global Plans Netherlands Joint Venture With Vodafone
02/15/201619:10:00Liberty Global Reports Fiscal 2015 Results
02/15/201619:00:00Liberty Global and Vodafone to Merge Their Dutch Operations
02/11/201617:30:00Liberty Global Schedules Investor Call for 2015 Results
02/11/201607:44:00Cable & Wireless Reports Growth in 3Q Earnings
02/08/201616:10:00Google CEO Gets Equity Award of $199 Million
02/08/201605:46:00BT Searches for Finance Chief Successor -- Update
02/05/201612:50:00EU Sets Out Objections to Hutchison's Telefó nica U.K. Deal
02/04/201607:20:00EU Clears Liberty Global Acquisition
02/04/201606:27:00EU Clears Liberty Global EUR1.3 Billion Acquisition of Mobile-phone...

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