News Corporation makes takeover bid for Australia's Consolidated Media

ANI – Wed 20 Jun, 2012 11:51 AM IST

Sydney, June 20 (Xinhua-ANI): News Corporation, Rupert Murdoch's international media company, announced on Wednesday that it had made a takeover bid for Australian James Packer's Consolidated Media Holdings (CMH) at a cost of 1.97 billion dollar AU dollars ( 2.00 billion U.S. dollars).

"If the proposal is implemented, News would double its stakes in Australia's leading pay television businesses, Fox Sports Australia and Foxtel, to 100 percent and 50 percent respectively," News said in a statement on Wednesday.

News said it had put a conditional proposal to acquire Consolidated Media at a price of 3.50 AU dollars (3.56 U.S. dollars) a share.

Consolidated Media said it would work constructively with News in relation to the takeover proposal.

James Packer, the Executive Chairman of CMH's largest shareholder Consolidated Press Holdings Limited (CPH), said, "CPH welcomes News' proposal and looks forward to CMH and News working together to address the detailed terms and conditions." (Xinhua-ANI)

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