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Austar urges caution on Foxtel bid

Regional pay-tv provider Austar United Communications has urged caution following media reports that Foxtel is about to formalise its bid for the company.

Regional pay-tv provider Austar United Communications has urged caution following media reports that Foxtel is about to formalise its bid for the company.

Austar said talks between the two were "continuing", with conditions set out in an initial bid still to be met.

"Austar notes that discussions regarding definitive agreements in regard to the proposal are continuing between Austar, Liberty Global Inc and Foxtel, and the conditions upon which the proposal was made have yet to be satisfied," Austar said in a statement.

"In light of the conditional nature of the proposal, no assurance can be given that the Proposal will lead to a definitive transaction."

A report in News Ltd newspapers on Thursday said Foxtel was expected to formalise its $1.9 billion "as soon as today".

Foxtel's conditional bid at $1.52 per Austar share was announced on May 26.

Austar shares closed on Wednesday at $1.33.

Nominations for the 2012 ARN IT Industry Awards open on Tuesday, June 12.

More about: Austar, Austar United Communications, Foxtel

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