Foxtel Bids A$1.52/Share For Austar, Values Target Around A$1.92 Billion

Australian metropolitan pay television operator Foxtel has made a A$1.52-a-share bid for regional pay television company Austar United Communications Ltd (AUN.AU).

Austar said in a statement Thursday it has received an indicative, non-binding and conditional proposal from Foxtel, which is owned 50% by telecommunications giant Telstra Corp. (TLS) and 25% each by News Corp.(NWS), the owner of this newswire, and Consolidated Media Holdings Ltd. (CMJ.AU).

The bid values Austar around A$1.92 billion. Its shares last traded at A$1.265 and will begin trading Thursday at 0100 GMT.

Austar said its board, which includes representatives of its largest shareholder, U.S. cable company Liberty Global Inc. (LBTYA), believes the value ascribed to Austar was "appropriate in the context of a change of control transaction".

-By Gavin Lower, Dow Jones Newswires; 61-3-9292-2095; gavin.lower@dowjones.com

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