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NDS shareholder group wants News Corp. to up its $60-per-share offer
By Lisa Kerner
Charlotte, N.C., July 9 - NDS Group plc shareholders AKO Master Fund Ltd., AKO Capital LLP and Nicolai Tangen intend to be in contact with the company's management, board of directors and other significant shareholders, as well as the board's independent committee, regarding alternatives to create shareholder value including increasing the amount of News Corp.'s merger consideration.
AKO and its affiliates beneficially own 1,560,671 shares, or 9.6%, of NDS, it was reported in a schedule 13D filing with the Securities and Exchange Commission.
On June 27, it was announced that News Corp., along with two newly incorporated companies formed by funds advised by Permira Advisers LLP, proposed acquiring News Corp.'s majority owned public subsidiary NDS Group plc through a scheme of arrangement.
Under the proposed transaction, NDS would cease being a public company and Permira Newcos and News Corp. would own 51% and 49% of NDS, respectively, it was previously reported.
Under News Corp.'s proposal, all issued NDS series A ordinary shares, including shares represented by American Depositary Shares traded on the Nasdaq, would be cancelled for per-share consideration of $60 in cash, a prior news release stated.
Approximately 68% of the series B ordinary shares held by News Corp. would be cancelled in exchange for $60 per share in a mix of cash of approximately $1.5 billion and a $200 million vendor note, said the release.
Funds advised by Permira, an international private equity firm, will provide equity financing, while JPMorgan and Morgan Stanley will provide debt financing.
News Corp., a New York-based media company, expects that the transaction would become effective in the fourth quarter of 2008.
NDS Group supplies open end-to-end digital technology and services to pay-television platform operators and content providers.
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