Liberty Media Corp. plans to make an offer for the common shares of Fun Technologies Inc. that it doesn't own, the latest in a growing list of deals designed to make over the media holding company into a focused operating business.
Liberty, which has about 53 percent of the Internet game provider's shares outstanding, plans to bid 1.635 British pound (about $3.25) a share for the rest, the Englewood, Colorado-based company said today in a statement distributed by PR Newswire. The offer is a 3.8 percent premium over Toronto-based Fun Technologies' closing price of 157.5 pence today.
Greg Maffei, who became chief executive officer of Liberty Media 20 months ago, has struck almost $18 billion of additional deals aimed at making John Malone's media empire less confusing to investors.
Among other transactions, he agreed to swap a $12 billion stake in News Corp. for almost 40 percent of DirecTV Group Inc. and traded $1.48 billion of Time Warner stock for the Atlanta Braves baseball team and other assets.
Liberty Media spokesman John Orr didn't immediately return an after-hours call from Bloomberg News. Shares of Liberty Media fell $1.48, or 1.3 percent, to $116.37 in Nasdaq Stock Exchange composite trading.
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