Business news for Sun, 23 Dec 2007 & with words billion+buyout. 2 news.

UNITED Rentals Inc, the largest construction-equipment rental company in the United States, lost a bid to force a US$4-billion takeover by Cerberus Capital Management LP when a judge ruled the agreement allowed the buyer to withdraw its offer. Delaware Chancery Court Judge William Chandler ruled on Friday that United Rentals officials should have known that Cerberus executives believed they had a right to pull out of the deal at any time as long as they paid a US$100 million fee. United alleged that Cerberus's RAM Holdings buyout entities agreed in July to pay US$34.50 per share for United Rentals' stock, and reneged on the deal in November amid weakened US credit markets. The stock has been trading in the low-US$20 range. United Rentals fell US$3.69 to US$17.91 on Friday. "The board of directors and management team of United Rentals will consider its alternatives under the circumstances, and they continue to believe strongly in United Rentals' future prospects,"

RUPERT Murdoch's News Corp is to sell eight of its Fox network-affiliated television stations in the United States to Oak Hill Capital Partners LP for about US$1.1 billion in cash. The sale leaves Fox with 27 owned-and-operated stations and will probably be completed in the third quarter, New York-based News Corp said on Saturday. Oak Hill will add the stations to nine existing ones, according to its Website, Bloomberg News said. News Corp is selling the assets to focus on its largest and most lucrative markets following the US$5.2 billion takeover of Dow Jones & Co this year. The purchase will help Oak Hill, the buyout firm founded by Texas oil billionaire Robert Bass, create a broader US network after it paid US$575 million to acquire stations from New York Times Co in May. "It is part of News Corp's strategic decision to shed low-growth, non-core assets," said Richard Dorfman, managing director of New York-based investment firm Richard Alan Inc. Network television