ACCC postpones Foxtel bid for Austar decision

Company News

Shares in Austar United Communications Limited (ASX:AUN) dipped this morning after Australia’s competition regulator said it would delay ruling on Foxtel’s planned $1.9 billion bid for regional pay-TV provider.  

The Australian Competition and Consumer Commission has decided to extend its deadline of November 30, “at the request of Foxtel to allow it to make further submissions”.

Under the deal Foxtel plans to acquire 100 per cent of Austar through a series of transactions valued at $1.52 per share.

The ACCC has not as yet provided a new deadline for the decision but says it will “in due course”.

Shares in Austar United Communications had dipped 6.84 per cent this morning and were trading at $1.09.

In the first half of fiscal 2011 Austar reported a net profit of $88.7million.