Austar: no deal with Foxtel yet

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Credit: Austar

Regional pay TV provider Austar has confirmed reports that it's entered discussions with Foxtel that may result in a takeover offer from the bigger peer.

Austar said on Wednesday that it is in "ongoing and exploratory" discussions with Foxtel and with its major shareholder, Liberty Global Inc, but there was no assurance that a formal proposal will be put.

Austar's confirmation follows a report in News Ltd newspapers on Wednesday that Foxtel had entered "advanced negotiations" with Liberty, with a view to acquiring Austar.

Liberty holds 54.15 per cent of Austar.

"Austar confirms that no such proposal has been received," Austar said in a statement.

"Discussions between Austar, Liberty Global Inc and Foxtel are ongoing and exploratory in nature, and no assurance can be given that these discussions will lead to a formal proposal being put to Austar."

Austar said that it would update shareholders should a formal proposal eventuate.

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