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Austar to delay vote on Foxtel take-over

Austar to seek postponement on Foxtel's shareholder vote until March

Regional pay TV provider Austar will seek court approval to postpone a shareholder vote on Foxtel's proposed take-over because the competition watchdog is yet to approve the deal.

Austar shareholders were due to meet and vote on Foxtel's $2.5 billion take-over bid on February 17, but Austar on Friday said it would seek to have it moved back to March.

A court hearing was expected next week, Austar said.

The Australian Competition and Consumer Commission raised concerns about the tie-up in a statement of issues published in July and is yet to issue its final decision.

A ruling was expected in November but that was delayed at the request of Foxtel to allow the company to make further submissions.

Foxtel is half owned by Telstra, with James Packer's Consolidated Media Holdings and Rupert Murdoch's News Corporation each holding a 25 per cent stake.

"Austar remains committed to, and confident of, bringing the transaction with Foxtel to a successful close," Austar chief executive, John Porter, said in a statement on Friday.

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

More about: Austar, Australian Competition and Consumer Commission, Foxtel, Rupert Murdoch's News, Telstra

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