Critical.
Authoritative.
Strategic.
Subscribe to CIO Magazine »

Austar to delay vote on Foxtel take-over

Austar to seek postponement on Foxtel's shareholder vote until March

Regional pay TV provider Austar will seek court approval to postpone a shareholder vote on Foxtel's proposed take-over because the competition watchdog is yet to approve the deal.

Austar shareholders were due to meet and vote on Foxtel's $2.5 billion take-over bid on February 17, but Austar on Friday said it would seek to have it moved back to March.

A court hearing was expected next week, Austar said.

The Australian Competition and Consumer Commission raised concerns about the tie-up in a statement of issues published in July and is yet to issue its final decision.

A ruling was expected in November but that was delayed at the request of Foxtel to allow the company to make further submissions.

Foxtel is half owned by Telstra, with James Packer's Consolidated Media Holdings and Rupert Murdoch's News Corporation each holding a 25 per cent stake.

"Austar remains committed to, and confident of, bringing the transaction with Foxtel to a successful close," Austar chief executive, John Porter, said in a statement on Friday.

Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.

More about: Austar, Australian Competition and Consumer Commission, Foxtel, Rupert Murdoch's News, Telstra

Comments

Post new comment

The content of this field is kept private and will not be shown publicly.
Users posting comments agree to the CIO comments policy.
Login or register to link comments to your user profile, or you may also post a comment without being logged in.
Related Coverage
Related Whitepapers
Latest Stories
Community Comments
Tags: Austar, Australian Competition and Consumer Commission (ACCC), business, foxtel, shareholder vote
Latest Blog Posts
Whitepapers
  • Unified Monitoring™ A Business Perspective
    The enterprise computing landscape has changed dramatically. Virtualisation, outsourcing, SaaS, and cloud computing are creating fundamental changes, and ushering in an era in which enterprises distribute increasingly critical IT assets and applications across multiple service providers.This paper explores today’s computing trends and their monitoring implications in detail. In addition, it reveals how a new monitoring paradigm architecture, that uniquely addresses the monitoring realities of today’s and tomorrow’s enterprises—whether they rely on internal platforms, external service providers, or a combination of both.
    Learn more »
  • Six tips for choosing a unified threat management (UTM) solution
    As network security grows more complex, businesses are demanding the simplicity of unified threat management (UTM). Businesses like yours are replacing multiple, outdated and costly appliances from different vendors with a single, reliable UTM solution. The best solutions offer a more powerful way to manage network security today and in the future. UTM also promises to slash your network security management efforts and hardware costs. This whitepaper offers you detailed advice on how to choose the comprehensive unified threat management (UTM) that best suits your business.
    Learn more »
  • Selecting an Application Lifecycle Management Vendor: An Ovum Report
    Leading industry analyst firms across the world include IBM Rational in their research efforts and provide opinions on our ALM solutions. Find out how Ovum confirmed IBM Rational as the clear leader on both axes of the assessment; Market Impact and Technology, along with a clear leadership in market presence.
    Learn more »
All whitepapers
rhs_login_lockGet exclusive access to Invitation only events CIO, reports & analysis.
Recent comments