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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
12/10/201417:33:16Liberty Global Files 8K - Other Events
12/08/201419:09:11Liberty Global Files 8K - Direct Or Off-Balance Sheet Financial...
12/05/201406:33:12Liberty Global Files 8K - Regulation FD
11/21/201408:40:14Merger Talk Among European Telecoms Reaches Fever Pitch
10/30/201404:10:26BT Quarterly Earnings Falls
10/21/201417:51:35Hungary Plans to Tax Internet Use with Levy on Service Providers
10/16/201404:18:16Ziggo 3Q Earnings Rise
10/10/201410:25:48KPN: Dutch Broadband Market Should be Deregulated After EU's...
09/22/201410:29:27EU Opens In-Depth Probe Into Liberty Global's Purchase of De...
09/19/201406:38:22EU Almunia Indicates Approval for Liberty Takeover of Ziggo...
09/19/201405:20:16EU's Almunia Hints at Backing Liberty Takeover
09/19/201405:01:16EU Antitrust Chief Almunia: Indicates Approval For Liberty Takeover...
09/01/201412:45:13EUROPE MARKETS: Novartis Climbs, Iliad Drops: European Movers
09/01/201412:01:47EUROPE MARKETS: Novartis Up, Iliad Drops: European Movers
08/14/201417:40:22Berkshire Hathaway Continued Investing in Media in 2Q
08/14/201417:25:28Berkshire Hathaway Continued Investing in Media in Second Quarter
07/17/201412:51:33EUROPE MARKETS: European Losses Deepen As Ukraine Crisis Intensifies
07/17/201406:25:54EUROPE MARKETS: European Stocks Drop After Fresh Russia Sanctions
06/27/201407:32:28Liberty Global Launches Offer for Ziggo
06/27/201404:55:11Liberty Global Officialy Launches EUR35.74 Ziggo Offer

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