On 05 February 2009, NDS Group Plc’s (NDS) NASDAQ common stock achieved our target price of US$62.16. The recent increase in common stock price primarily reflects renewed investors’ optimism as News Corporation and Permira Advisers LLP (Permira) cleared the final regulatory hurdle to take the company private. News Corp and Permira had proposed to take NDS private in June 2008 at US$ 60.0 per share, which was subsequently raised to US$63.0 per share. All the formalities, including shareholder approval and final approval from the High Court of Justice in England and Wales have been accomplished. As the proposed transaction is expected to be fully effective on 05 February 2009, the trading of American Depository Shares (ADS) will be terminated. Consequently, we are discontinuing our coverage for the NASDAQ common stock. The European stock closed at €48.75 on 04 February 2009, following which the stock ceased to trade and will be delisted effective 05 February 2009. As a result we are terminating our coverage of the European stock.

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