AUSTAR has today announced that it will seek court approval to postpone its Shareholder Meetings relating to the proposed acquisition of AUSTAR by FOXTEL until the end of March 2012.
AUSTAR is seeking this request to allow more time for the Australian Competition and Consumer Commission (ACCC) to finalise its review of the transaction.
On 28 November 2011 the ACCC suspended the takeover review process at the request of FOXTEL to allow further submissions from the pay-TV company. The ACCC has said it will announce a new proposed decision date on the takeover proposal in due course.
AUSTAR Chief Executive Officer John Porter said in the press release:
“AUSTAR remains committed to, and confident of, bringing the transaction with FOXTEL to a successful close.”
The ACCC’s informal review of FOXTEL’s proposed $2.5 billion takeover bid of AUSTAR commenced on 26 May last year.