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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
04/16/201403:29:51Ziggo Swings to 1Q Net Loss; 2014 Outlook Unchanged
04/15/201417:55:12Liberty Global Files 8K - Direct Or Off-Balance Sheet Financial...
04/04/201416:47:18Liberty Global Files 8K - Changes Executive Management
04/03/201408:10:02Dutch Cable Merger Faces EU Antitrust Review
04/03/201407:19:24EU Antitrust Chief Signals Brussels Will Review Dutch Cable Merger
03/25/201416:52:50Liberty Global Files 8K - Regulation FD
03/24/201417:32:16Liberty Global Files 8K - Other Events
03/19/201416:53:11Liberty Global Files 8K - Unregistered Equity Sales
03/14/201413:43:13Liberty Global Ends Talks to Buy U.K.'s Daisy Group -FT
02/24/201402:57:47Liberty Global, Ziggo Making Good Progress on Offer
02/14/201417:53:37Berkshire Reports New Position of 2.95 Million Shares of Liberty...
02/14/201411:44:52Correction to Thursday's Liberty Global Earnings Story
02/11/201416:24:10Charter Nominates Candidates for Time Warner Cable Board -- Update
02/11/201415:34:35Ono Will Go Ahead With IPO -- Update
02/03/201415:56:28John Malone in Preliminary Talks About Buying CVC Stake in Formula...
02/03/201404:59:09Daisy Group Signs Strategic Partner Services Pact with Virgin...
01/31/201417:27:48Liberty Global Files 8K - Entry Into Definitive Agreement
01/29/201414:21:21Spanish Cable Operator Ono Submits Preliminary IPO Prospectus...
01/27/201404:50:09Liberty Global to Buy Ziggo for $9 Billion
01/22/201409:09:32Liberty Global CEO: Says Looking to Spin Off Latin American Operations...

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