Dissident shareholders failed to block the deal in court and News Corporation has now completed its $673 million acquisition of Shine Group.
News Corporation paid the shareholders of the London-based TV production company approximately 290 million British pounds. The rest of the 415 million pound price was in debt assumption.
The acquisition was somewhat controversial because the founder and CEO of Shine Group is Elisabeth Murdoch, daughter of News Corporation CEO Rupert Murdoch. She owned 53% of the company, so apparently received nearly 154 million pounds at closing.
News Corporation noted that the transaction was approved by the Audit Committee of the News Corporation Board of Directors. The Audit Committee, which is composed entirely of independent directors, received advice and a fairness opinion from Centerview Partners, an independent investment bank, and legal advice from Wachtell, Lipton, Rosen & Katz.
News Corporation was advised by Hogan Lovells. J.P. Morgan acted as exclusive financial advisor to Shine Group, with legal advice from Olswang LLP in the U.K. and O’Melveny & Myers LLP in the US.