UPDATE, 6.22.12, 6:20 p.m. EDT: Information regarding Allens Arthur Robinson’s team advising News Limited has been added to the article’s final paragraph.
News Limited, the Australian newspaper publisher and subsidiary of Rupert Murdoch’s News Corporation, has offered $2 billion to take over Sydney-based Consolidated Media Holdings (CMH).
CMH said Wednesday that it had been approached by News Limited with an offer of $3.56 in cash per sharea 14 percent premium over CMH’s Tuesday closing price. The target company already owns stakes in various media outlets, including such News Corp. investments as Fox Sports Australia and subscription cable business Foxtel. Australian billionaire James Packer, CMH’s executive chairman, called News Limited’s offer “fair” in a statement issued Wednesday and said he looks forward to the two companies working together to reach an agreement.
CMH’s board said in a company announcement that it plans to “engage constructively” with News Limited in relation to the offer. Conditions of News Limited’s offer include securing the approval of the News Corp. board and various regulatory bodies.
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