Austar shareholders approve Foxtel takeover

Shareholders in Austar vote in favour of a $2.5 billion takeover bid by Foxtel.

Shareholders in regional pay television operator Austar have voted in favour of a $2.5 billion takeover bid by Foxtel.

The vote is being held in Sydney this afternoon, but documents lodged with the Australian Securities Exchange show votes received by proxy are overwhelmingly in favour of the takeover.

Proxy votes show nearly 400 million shares were cast in favour of the deal.

The Australian Competition and Consumer Commission is yet to approve the takeover.

Austar deputy chairman Tim Downing, said, “While Austar remains optimistic of a positive outcome, by proceeding with the shareholder meetings … Austar makes no representations that ACCC approval will either be granted or be granted in time to enable the scheme to proceed.”

The companies remain hopeful that a takeover can be concluded by April 17.

Source: Business Spectator, ABC.

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