Lachlan Murdoch pulls out of deal with James Packer

Monday, April 7, 2008, 14:41 [IST]

Sydney, Apr 7 : Media heir Lachlan Murdoch has pulled out of a 3.3 billion dollar deal to privatise Consolidated Media Holdings Ltd (CMH) with friend and fellow tycoon James Packer.

Monday's announcement of the withdrawal of Murdoch's private company, Illyria Pty Ltd, was made after CMH shares went into a trading halt.

Murdoch said in a letter to CMH that Illyria was not in a position to proceed with the indicative proposal set out in a letter to CMH on January 21 "due to material changes in the overall transaction terms".

Illyria, and CMH's major shareholder, the Packer family's Consolidated Press Holdings Ltd (CPH), made a non-binding indicative proposal in January to each take a 50:50 stake in the media investment company.

It is understood that there has been no room for negotiation from Murdoch's original valuation of the group at 4.80 dollar a share, the Sydney Morning Herald reported.

ANI

Topics: world, sydney

Other articles published on April 7, 2008

India, W Asia CEOs to participate Summit in Dubai

Friday, March 16, 2007,12:23 [IST]

Dubai, Mar 16: Top CEOs from India and West Asia are to join government and industry leaders in a conclave here to map out the emerging investment and business opportunities in India, the fastest growing free-market economy in the world.Announcing the summit plans Datamatix Group, the region's foremost knowledge organisation, said the 'Indian and Middle East Leading CEO Summit' in Dubai on December 8-9, 2007 would be attended by business and government leaders from both sides. The summit would discuss recent.....

India to have largest armoured vehicle mfg unit

Sunday, March 11, 2007,13:01 [IST]

New Delhi, Mar 11: The world's largest armoured vehicle manufacturing unit is to be set up in India by this mid-year under a 51:49 joint venture between the British armoured vehicle maker Armet and the country's Indian technical textile producer Shri Lakshmi Cotsyn.The facility -- to come up at Malwan, near Kanpur -- is expected to be operational by July later this year with an initial roll-out capacity of 300 luxury armoured vehicles for VIPs per annum.The unit would be later.....

Limitless Updates

International News

News Archives

Settlement Commission to be spruced up: FM

Thursday, March 8, 2007,17:18 [IST]

New Delhi, Mar 8: Finance Minister P Chidambaram today asked India Inc to desist from seeking fiscal sops to maintain the current bullish growth momentum and said the Settelment Commission will be streamlined to improve the time period in disposing off cases.In a post Budget interactive session with Assocham, Mr Chidambaram gave a categorical assurance that the grey areas in policy and procedural hassels would be addressed by the government sooner than later to enable a more rapid growth of the.....