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Packer gives nod to News's $2bn bid
Jun 20, 2012 (The Australian - ABIX via COMTEX) --
Australian businessman James Packer has expressed support for a $A3.50 per share bid by News Limited for Consolidated Media Holdings (CMH). Packer, a major shareholder in CMH, had hoped for close to $A4 per share. The sale of CMH is dependent on competition issues, but the Australian Competition & Consumer Commission says it will keep an "open mind" on the bid. The acquisition of CMH will give the winning bidder control of pay TV group Foxtel. Telstra had been touted as a potential buyer, but the deal was fraught with competition issues.
Publication Date: 21 June 2012
CONSOLIDATED MEDIA HOLDINGS LIMITED - ASX CMJ
NEWS LIMITED
NEWS CORPORATION - ASX NWS
FOXTEL MANAGEMENT PTY LTD
TELSTRA COMMUNICATIONS PVT LTD
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION
FOX SPORTS
SEVEN GROUP HOLDINGS LIMITED - ASX SVW
AUSTAR UNITED COMMUNICATIONS LIMITED
DEUTSCHE BANK AG
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