By David Fickling - 2012-09-07T00:42:54Z
News Corp. (NWSA), the media company controlled by Rupert Murdoch, agreed to pay A$1.94 billion ($2 billion) for Consolidated Media Holdings Ltd. (CMJ) as billionaire Kerry Stokes weighs a rival offer.
The cash offer is worth A$3.45 a share from News and investors will also get a six Australian cents a share dividend from Consolidated, the Sydney-based company said in a filing. New York-based News previously said it would offer A$3.50 a share in cash.
James Packer, the biggest shareholder in Consolidated, plans to support the bid, the company said.
Stokes’s Seven Group Holdings Ltd. (SVW), with a 25 percent stake, has asked for regulatory clearance on his own bid.
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