Asia Times: Packer poised to take control of cinema chain



	May 14, 1999	atimes.com

Media/Technology

Packer poised to take control of cinema chain

SYDNEY - Kerry Packer's ConsolidatedPress Holdings Ltd. (CPH) is poised to take control ofHoyts Cinemas Group Ltd. after the cinema chain'schief executive officer agreed to sell his stake into thetakeover bid.

Peter Ivany informed the Hoyts board that he intendedto accept CPH's A$2.05 per share offer forshares he had an interest in, representing about 11.2 percentof the company.

His move comes only one week after he and the rest of theboard declared the A$624 million offer was too low.On top of U.S. investment group Hellman & Friedman's 25 percent interest and Lend Lease Corp's 4.5 percent stake, Ivany's acceptance gives Consolidated Press around 41.4 percent of Hoyts.

Hoyts directors, excluding those associated with Hellman &Friedman, told shareholders last week that the revised A$2.05 ashare bid should be rejected. The offer remained below theA$2.19-A$2.45 valuation of the group by independent expert NMRothschild & Sons.

Three Hoyts directors resigned Wednesday in the wake of lastweek's decision by Hellman & Friedman toto accept CPH's revised offer.

Hoyts shares have traded as high as A$2.30 since the bid wasmade on March 24, but closed unchanged Wednesday at A$2.05 onturnover of 3.235 million.

Ivany said he intended to accept the CPH offer inrespect of shares he personally held and those held through NullaNulla 2000 Ltd.

(Asia Pulse)