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.
To contact the reporter on this story: David Fickling in Sydney at dfickling@bloomberg.net
To contact the editor responsible for this story: Edward Johnson at ejohnson28@bloomberg.net
Billionaire Kerry Stokes
Kerry Stokes, chairman of Seven Group Holdings Ltd. and Seven West Media Ltd.
Kerry Stokes, chairman of Seven Group Holdings Ltd. and Seven West Media Ltd. Photographer: Ron D'Raine/Bloomberg
