On 11th of July 2011 AUSTAR United
Communications Limited (ASX: AUN) (AUSTAR) announced that it
had entered into definitive transaction agreements with
Liberty Global, Inc. (LGI) and FOXTEL Management Pty Limited
(FOXTEL) under which FOXTEL will acquire AUSTAR by a series
of transactions including a scheme of arrangement
(Scheme).
The 11th of July announcement noted that the
Scheme is subject to a number of conditions including the
receipt of an Internal Revenue Service (IRS) ruling by LGI
confirming LGI's intended treatment of the transaction.
LGI has advised AUSTAR that it has received a ruling from the
IRS that is acceptable to LGI and that, subject to certain
ongoing conditions set out in the definitive transaction
documents relating to that ruling, including it not being
withdrawn, invalidated, adversely amended, or any
representation, qualification or assumption made in obtaining
that ruling ceasing to apply, this will satisfy the IRS
condition.
The Scheme remains subject to a number of other conditions
including: (i) ACCC and FIRB approval; (ii) an independent
expert determining that the Scheme is in the best interest of
AUSTAR; (iii) AUSTAR shareholder and court approvals; and
(iv) other customary conditions for a transaction of this
nature.
ENDS
Rebecca Tabakoff
T + 61 (0)2 8298 6100
M +61 (0)419 229 878
E rebecca.tabakoff@fticonsulting.com
Ilse Schache
T + 61 (0)2 8298 6100
M +61 (0)416 041 768
E ilse.schache@fticonsultingcom
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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