The Southern Cross Media Group (SCA) board has confirmed it will engage with last week’s revised takeover offer from ARN and that two board members – including Chair Rob Murray -will retire.

The new proposal from ARN and Anchorage Capital Partners Pty Limited suggests an increased valuation per Southern Cross share of approximately 10 cents, and adds an additional $25 million to their offer, raising the stakes to nearly $250 million. This proposal is subject to the satisfactory completion of due diligence processes.

Rob Murray said: “The Consortium’s revised proposal will provide a significant increase in the consideration for SCA shareholders and the SCA Board is willing to re-engage on the basis of the higher value now being put forward.”

In parallel, SCA has announced steps towards board renewal, citing ongoing work on succession planning. Glen Boreham, a former CEO and Managing Director of IBM Australia, is set to retire from the SCA Board on 27 March 2024 and Rob Murray has confirmed his intention to retire by the 2024 Annual General Meeting, offering to remain in his role until any transaction with the ARN/Anchorage Consortium is conclusively resolved.

Murray said: “Having joined SCA on the same day as Glen I can attest to the significant contribution he has made over nearly 10 years. Our Board and executive team have benefited greatly from Glen’s knowledge and insights his experience in mergers and acquisitions and other corporate transactions and his global networks in the technology and data industries.”

“In the meantime the Board is satisfied that its reduced size and its mix of skills and experience are appropriate for SCA’s current needs. We will review this as SCA’s business and operations including the current corporate activity continue to evolve.”

Boreham said: “I have enjoyed working with the SCA Board and executive team which has been innovative and forward-looking in building and growing the LiSTNR digital audio ecosystem to meet the needs of modern audiences and advertisers.”