NDS Shareholders Approve Privatization Plan

NEW YORK/LONDON, January 13: The shareholders of NDS have given the go-ahead to a plan that sees News Corporation and Permira taking the digital technology company private for $63 per share.

All of the issued and outstanding NDS A ordinary shares will be cancelled, along with 67 percent of the issued and outstanding NDS B ordinary shares—held by News Corporation. Additional NDS B ordinary shares will then be issued to two newly incorporated subsidiaries of funds advised by Permira Advisers. Once completed, Permira will own 51 percent of NDS, with 49 percent held by News Corp.

When the privatization plan was announced in August, Abe Peled, the chairman and CEO of NDS, noted: "NDS needs to have the strategic agility and flexibility to enter into any type of value enhancing transactions. The current ownership structure was imposing certain limitations. Therefore News Corporation has decided to reduce its ownership position in NDS so that NDS can capitalize on these new opportunities with a more independent structure and the expertise of Permira."

—By Mansha Daswani