Monday, 1 February 2010 at 09:59, Reuters, Washington
Media mogul John Malone's Liberty Media Corp has won US antitrust approval to increase its stake in Live Nation Entertainment Inc, the Federal Trade Commission said on Monday. The commission put the deal on a list of approved transactions that it issues several times a week. Liberty Media started a tender offer on Monday for up to 34.2 million Live Nation shares at $12.00 each. Liberty, which announced its plans for the offer last week, said it already owns about 14.6 per cent of Live Nation shares and if its tender were fully subscribed, its ownership would increase to about 34.9 per cent. Liberty said it already has an agreement in place that permits it to buy up to 35 per cent of the outstanding shares of Live Nation. Live Nation has appeared cool to Liberty's overtures, asking its stockholders last week to defer action on Liberty's offer. Live Nation completed an $870m acquisition of Ticketmaster last week.
Your comments