Bloomberg News

Liberty to Bid on Remaining Fun Technologies Shares

June 21, 2007

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.

To contact the reporter on this story: James Temple in San Francisco at jtemple@bloomberg.net.

To contact the editor responsible for this story: JoAnne Norton at jnorton@bloomberg.net.


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