ARN able to proceed again with SCA takeover proposal

The Australian Government Takeovers Panel has reviewed and changed its decision that the Australian Radio Network (ARN) acquired some of its shares in Southern Cross Media Group (SCA) through ‘unacceptable circumstances’, leaving ARN able move to the next steps in their acquisition of the network.

ARN had appealed the decision twice with the new orders allowing ARN to retain the 14.8% holding in SCA they bought six months ago, subject to certain conditions, and not having to sell the 6.83% of SCA shares as was originally the Panel’s first decision in December.

An ARN spokesperson said:

“We are happy with this decision and now look forward to accelerating the engagement with the SCA Board. From what we have seen so far, we believe our proposal is a very compelling proposition for SCA shareholders and, together with Anchorage (Anchorage Capital Partners (ACP)), we are committed to finalising a certain proposal in an expedient manner’. 

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