Murdoch-Packer deal

SYDNEY: Lachlan Murdoch has made a A$3.31 billion tilt at James Packer’s Consolidated Media Holdings, in a bid to step back into the media game after a two-year hiatus.
The cash and scrip deal was being driven by Murdoch’s private investment vehicle Illyria Pty Ltd, unnamed equity partners and Cons Media’s major shareholder Consolidated Press Holdings Ltd as part of a consortium.
Illyria and its partners plan to set up a 50/50 joint venture with ConsPress to run Cons Media as a private company.
ConsPress has given its support to the proposal but was still to reach final agreement with Illyria as to the terms of the consortium.
The final, non-binding, indicative offer equates to A$4.80 per Cons Media share, based on the share price of Cons Media’s Seek jobs website company last Friday.
It is made up A$4.06 cash and a variable amount to be set against the volume weighted average price of Seek shares. – AAP