Market Overview

Foxtel Shareholders Pushing For Austar Deal With Liberty Global (LBTYA)

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Australia's Foxtel appeared to be inching closer to a deal with Liberty Global (NASDAQ: LBTYA) to take over pay-TV firm Austar but the target firm denied reports a $1.9 billion price has been agreed.

Austar United Communications (AUSTAR) is the leading pay television provider to regional and rural Australia, including the capital cities of Hobart and Darwin. Austar's territory covers all of Tasmania, the Northern Territory and the regional areas outside of the capital cities in South Australia, Victoria, New South Wales, and Queensland.

To proceed, Foxtel must agree a price with Liberty, which currently owns 54 percent of Austar. Foxtel believes Liberty remains a willing seller given the company recently spent $4.5 billion on the German cable operator, Kabel BW.

While Foxtel is in no rush to push the deal through, its shareholders remain keen to make a deal happen around the $1.50 a share mark.

Posted-In: Liberty Global Inc.M&A News Best of Benzinga

 

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