Three of Southern Cross Austereo’s biggest shareholders have reportedly launched an intervention to remove the company’s chairman, board and management.

The Australian Financial Review article (subscription required) says this latest development follows slow progress evaluating a takeover offer from radio rival ARN Media.

The newspaper reports “Late on Thursday night, Spheria Asset Management said it would call for an extraordinary general meeting, with fellow Southern Cross major shareholders Allan Gray and Ubique Asset Management supporting a push to remove the board. Together, they account for more than 25 per cent of the share register. ARN, which owns 14.8 per cent, is expected to support the push.”

It comes less than six months after ARN put in an acquisition bid for SCA.

SCA has been contacted for a response.