Austar Minority Shareholders Approve Takeover By Foxtel On Proxies

Austar United Communications Ltd. (AUN.AU) minority shareholders approved Friday a 1.9 billion Australian dollar takeover bid (US$1.98 billion) by pay television company Foxtel.

Details of proxy votes are in a presentation to be given to a shareholder meeting later Friday filed with the Australian Securities Exchange that shows 393.3 million votes in favor of the deal and 14.8 million votes against. The deal requires the approval of minority shareholders to proceed and also needs to be approved by the Australian Competition and Consumer Commission.

The commission this week delayed its decision on the deal.

Foxtel is 50% owned by Telstra Corp. (TLS.AU) and 25% owned by each of News Corp. (NWS.AU) and Consolidated Media Holdings Ltd. (CMJ.AU). News Corp. is the owner of Dow Jones Newswires and The Wall Street Journal.

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

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