Reuters: Regulatory News: UPDATE 1-Australia's Seven eyes counterbid for Packer's Consolidated

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UPDATE 1-Australia's Seven eyes counterbid for Packer's Consolidated Jun 22nd 2012, 09:21 Fri Jun 22, 2012 5:21am EDT * Bid would set up battle with News Corp's Australian arm * Murdoch's News bid $2 bln for Consolidated on Weds * Seven holds 24 pct of Consolidated * Seven vs News Corp an unfair fight - fund manager SYDNEY, June 22 (Reuters) - Australian media conglomerate Seven Group may bid to take control of Consolidated Media Holdings, taking on Rupert Murdoch's News Corp in a battle for coveted pay-TV assets. News Corp's Australian unit, News Ltd, on Wednesday made a $2 billion takeover offer for CMH, which owns 25 percent of pay-TV business Foxtel and 50 percent of content provider Fox Sports. Stoke's Seven Group Holdings holds a 24 percent stake in CMH, which is controlled by fellow billionaire, James Packer. Packer, who owns 50.1 percent of CMH, said he would accept News Ltd's bid in the absence of a higher offer. The Australian Competition and Consumer Commission said in a statement that Seven had told the commission it was actively considering acquiring further shares in CMH, asking it to review a proposal to buy all CMH shares it does not currently own. Seven was not immediately available for comment. On Wednesday, Seven said it was considering its options after News Ltd's A$3.50 a share bid, pitched at a 14 percent premium to CMH's last traded price but below its peak of A$4.75 in late 2007. Richard Colquhoun, a portfolio manager at Antares Capital, questioned whether Seven would have the financial firepower to take on News Corp. "Kerry versus News Corp? I'd call that mischief," said Colquhoun. Antares has shares in News Corp. Seven Group is the largest shareholder in KKR-backed Seven West Media, the owner of Australian commercial television network Seven Network and The West Australian newspaper. It also owns WesTrac, a Caterpillar dealership. The news came after the market close. CMH shares ended down 0.9 percent, while Seven Group was down 1.7 percent and News Ltd shares were up 0.7 percent. Link this Share this Digg this Email Reprints

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