Liberty Media to Offer to Buy Balance of FUN Technologies Shares
ENGLEWOOD, Colo., June 21 /PRNewswire-FirstCall/ -- Liberty Media Corporation (Nasdaq: LCAPA/B) ("Liberty") announced today that it intends to make an offer to purchase all the common shares of FUN Technologies Inc. (AIM: FUN) (TSX: FUN) that are not owned by Liberty for the cash purchase price of GBP 1.635 per share (approximately C$3.50). Liberty currently owns approximately 53% of the outstanding FUN common shares. The closing prices of FUN common shares on the AIM and TSX on June 21 were GBP 1.5750 and C$3.15, respectively.
The offer will be subject to the condition that at least a majority of the FUN common shares outstanding or deemed to be outstanding for this purpose that are not owned by Liberty and its affiliates have been validly tendered and not withdrawn, so that once the offer is completed, Liberty will be in a position to acquire all remaining shares of FUN through an amalgamation, arrangement or similar transaction. The offer also will be subject to a number of other customary terms and conditions to be described in the take-over bid circular that will be distributed to FUN shareholders.
Liberty expects to launch the offer by way of a take-over bid to be governed by applicable securities laws promptly following review by a committee of FUN's independent directors.
About Liberty Media Corporation
Liberty Media Corporation owns interests in a broad range of electronic retailing, media, communications and entertainment businesses. Those interests are attributed to two tracking stock groups: the Liberty Interactive group, which includes Liberty's interests in QVC, Provide Commerce, IAC/InterActiveCorp, and Expedia, and the Liberty Capital group, which includes Liberty's interests in Starz Entertainment, News Corporation, and Time Warner. For more information, please see http://www.libertymedia.com.
SOURCE Liberty Media Corporation
Released June 21, 2007