Liberty To Acquire UnitedGlobalCom Class B Common Shares From Founding Shareholders - Update
(RealTimeTraders.com) - On Monday, Liberty Media Corp. (L. LMCB) announced that it would acquire all of the outstanding shares of Class B common stock of UnitedGlobalCom Inc. (UCOMA) from United's founding shareholders.
The Englewood, Colorado-based Liberty, a media firm said that all of United's 8.2 million shares of Class B common stock will be transferred to it in exchange for its 12.6 million shares of Series A Common Stock and a cash payment of 50% of the Founders' estimated federal and state income tax liability arising from the transaction.
Liberty Media stated that it now owns 75% of United's common stock representing 96% of the voting power of United's shares.
Robert Bennett, Liberty Media President and CEO stated, “This transaction advances Liberty Media's goal of controlling more of its core operating businesses.”
L is currently trading at $11.33, up 10 cents on a volume of 1Mln shares, while UCOMA is up 88 cents at $7.17 on a volume of 2.7Mln shares.
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