Austar CEO Says Will Advise Market If Receives Takeover Offer

Regional subscription television provider Austar United Communications Ltd. (AUN.AU) said Wednesday it would advise the share market if it receives a takeover offer.

Austar has been the subject of takeover speculation after it was revealed its major shareholder, U.S.-based cable communications company Liberty Global Inc. (LBTYB), had been in discussions with rival Australian pay television company Foxtel in relation to a possible takeover of Austar.

Austar Chief Executive John Porter told analysts at a briefing that there was nothing new to report since a statement last month that it hadn't received a formal proposal from anyone.

"We will advise you if there's any change in that situation," he said.

Foxtel is 50% owned by Australian telecommunications company Telstra Corp. (TLS.AU), with media companies News Corp. (NWS.AU) and Consolidated Media Holdings Ltd. (CMJ.AU) each owning 25%. News Corp. owns this news wire.

-By Gavin Lower, Dow Jones Newswires; 61-3-9292-2095; gavin.lower@dowjones.com

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