Nomura Securities Maintains a 'Buy' on Liberty Global (LBTYA); ACCC Suspends Timeline for Review of Foxtel/Austar Merger

Nomura Securities maintains a 'Buy' on Liberty Global (NASDAQ: LBTYA) price target of $53.00.

Nomura analyst, Henrik Nyblom, said, "The Australian Competition and Consumer Commission (ACCC) announced that the timeline for the review of Foxtel’s proposed acquisition of Austar, of which LBTYA owns 54.15%, has been suspended at the request of Foxtel to allow for further submissions. A disposal of Austar is an important catalyst for LBTYA, in our view, as based on current bid, it would provide an additional $1bn of cash likely to be used for share buybacks in 2012. We do not see this delay as a material setback for the investment case and continue to believe that there is a 50-50 likelihood that the ACCC in the end approves the deal."

For an analyst ratings summary and ratings history on Liberty Global click here. For more ratings news on Liberty Global click here.

Shares of Liberty Global closed at $39.05 yesterday.

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