Austar seeks Foxtel deal delay

Australian regional pay-TV provider Austar is to seek court approval to postpone its Shareholder Meetings relating to the proposed acquisition of Austar by Foxtel to the end of March 2012. This will allow time for the Australian Competition and Consumer Commission (ACCC) to finalise its review of the transaction.

Further details of the postponement will be released to the market following the court hearing, which is expected to be held next week.

Austar Chief Executive Officer John Porter said that Austar remained committed to, and confident of, bringing the transaction with Foxtel to a successful close.

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