Unwired shareholder says to accept Seven bid

SYDNEY (Reuters) - Australian broadband phone group Engin Ltd (ENG.AX: Quote, Profile, Research, Stock Buzz) said it had agreed to accept Seven Network Ltd's (SEV.AX: Quote, Profile, Research, Stock Buzz) A$127 million ($112 million) takeover bid for wireless broadband carrier Unwired Group Ltd UNW.AX.

Engin, which is part owned by Seven, is the biggest shareholder in Unwired with a 19.8 percent stake.

Engin said on Wednesday it had received a waiver from the Australian Stock Exchange for a requirement to hold a shareholder meeting seeking approval to sell its Unwired shares.

Seven, cashed up after tipping its media assets into a private equity joint venture last year, said last month it would bid 45 cents a share in cash for Unwired, which provides wireless Internet services in Australia. Seven wants to expand in digital media.

Seven said its offer would increase to 50 cents a share if it acquired at least 90 percent of the firm. Unwired directors backed the offer.

Seven, which owns Australia's top-rating commercial television station, said the deal would help it deliver its programs through new technologies.

The media firm agreed to move half its media assets into a A$4 billion joint venture with Kohlberg Craves Roberts KKR.UL last year. It has been beefing up its programming to overtake rival broadcasters this year.

($1=A$1.13)