AUSTAR United Communications Limited (ASX: AUN) (AUSTAR)
today welcomed the Australian Competition and Consumer
Commission's (ACCC) announcement that it will not oppose the
proposed acquisition of AUSTAR by FOXTEL Management Pty
Limited (FOXTEL), following undertakings offered by
FOXTEL.
On July 11 2011 AUSTAR announced that it had entered into
definitive transaction agreements with Liberty Global, Inc.
(LGI) and FOXTEL, under which FOXTEL would acquire AUSTAR
through a series of transactions, including a Scheme of
Arrangement (the Scheme).
On 30 March 2012, AUSTAR announced it had received
overwhelming minority shareholder approval for the Scheme and
a number of related resolutions. The ACCC's announcement
today is another significant milestone in the course of a
transaction that AUSTAR maintains is in the best interests of
shareholders and consumers.
The Scheme remains subject to court approval at the Second
Court Hearing scheduled for 13
April 2012. Assuming the Court approves the Scheme, the
Record Date for determining entitlements to Scheme
Consideration will be 7.00 pm on 23 April 2012, the
Implementation Date for despatch of Scheme Consideration to
Scheme Shareholders and transfer of Scheme Shares to LGI
Bidco will be 26 April 2012 and AUSTAR will delist from the
ASX on 27 April
2012. Based on the current timetable it is expected that
FOXTEL will take ownership of
AUSTAR in late May.
If shareholders
have questions in relation to the Transaction they may call
the AUSTAR Shareholder Information Line 1300 706 158 (within
Australia) or on +61 3 9946 4459 (outside Australia) Monday
to Friday between 9:00am and 5:00pm (Sydney time) or contact
their legal, financial, taxation or other professional
adviser. Information is also available through AUSTAR's
website, www.austarunited.com.au.
ENDS ENDS
Deanne Weir
M 0402 865 300
E dweir@austar.com.au
Rebecca Tabakoff
M 0419 229 878
E rebecca.tabakoff@fticonsulting.com
AUSTAR (Australian Stock Exchange "AUN") is a leading provider of subscription television services in regional and rural Australia, with more than 750,000 customers enjoying satellite digital television services. AUSTAR is also a significant provider of programming in the Australian television market through its 50% owned joint venture, XYZnetworks, which owns and/or distributes Nickelodeon, Nick Jr, Discovery Channel, Channel [V], [V]Hits, MAX, Arena, The Lifestyle Channel, Lifestyle Food, LifeStyle You, Country Music Channel and The Weather Channel. Liberty Global, Inc., the largest international broadband cable operator in terms of subscribers, holds an indirect controlling stake in AUSTAR.
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