ANALYSTS: PACKER-MURDOCH AUSTRALIAN MEDIA DEAL LOOKS SET TO SUCCEED
January 23rd 2008 02:43
The Wall Street Journal today reports that James Packer and Lachlan Murdoch look set to succeed with their $3.3 billion dollar plan to privatise Australia's Consolidated Media Holding Ltd., with rival bids unlikely to emerge, according to analysts said.
Shares in Consolidated Media closed up 9.6 percent at $4.23 against a sharply weaker broader market after the plans were revealed.
The Wall Street Journal said, “The closing price compares with a current indicative offer price of about $4.75 under the 50-50 privatization proposal. The two men are offering $4.06 cash plus 0.1116 of a Seek Ltd share for each Consolidated Media share.
“The offer has also been declared final, which means it can't be raised under Australian law.”
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