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News Corp moves
to 'tie up a
few loose ends'
BRISBANE: Mr Rupert Murdoch's News Corp Ltd announced yesterday its second takeover bid for an associate in two days in moves seen by analysts as "tying up loose ends".
The latest bid is for the Hobart-based newspaper publisher and printer Davies Brothers Ltd, whose flagship is the Hobart Mercury.
Mr Murdoch picked up about 58.3 per cent of Davies during his successful takeover of The Herald and Weekly Times Ltd earlier this year.
News Corp yesterday announced it intends to offer $25 cash for each outstanding Davies share, or one News share plus $2.00 cash. News shares closed 20c higher in Melbourne yesterday at $23.40.
On Tuesday News Corp announced a similar move on Advertiser Newspapers Ltd.
Analysts last night were predicting Mr Murdoch may have similar plans for Queensland Press Ltd in which his private company, Cruden Investments, is a ma jor shareholder.
. It appears Mr Murdoch is tying up loose ends... doing a bit of spring cleaning," one media analyst said.
The Davies bid is aimed at the 41.7 per cent outstanding and carries a 75 per cent minimum acceptance condition.
The Advertiser bid, aimed at the remaining 48.7 per cent, is $9.00 a share by means of a capital return through the cancellation of Advertiser shares under a scheme of arrangement, or by direct takeover offer.