A Scrap Over Hughes

Who will end up buying Hughes Electronics (GMH)? The bidding war should heat up soon: Potential suitors have just been sent a copy of the "book," or offering memo, that spells out the assets of this satellite maker and provider of satellite-TV, phone, and Internet services. News Corp. is the most ardent suitor, but some pros close to insiders at General Motors, which owns 32% of Hughes stock and 100% of its assets, say Rupert Murdoch's media company may not prevail. The reason: A strong new bidder could join the fray. A group that includes some Hughes execs, Kohlberg Kravis Roberts, and several foreign investors, is preparing to push a leveraged-buyout bid.

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