AUN was dealt a blow on Friday after the ACCC blocked Foxtel’s takeover for the group.
In blocking the bid, the competition regulator warned that a Foxtel-Austar tie-up would substantially reduce competition in the pay-TV market.
The ACCC denied that the decision was related to the Newscorp (NWS) phone hacking scandal. Foxtel is 25% owned by NWS.
A final decision on the bid will be made on 8 September, although it is unlikely the ACCC will change its mind.
AUN shares sank 16.2% on the day, making it one of the worst performers in the stock market.