A second court hearing has been scheduled for Tuesday December 23, in the Supreme Court of NSW for the proposed acquisition of Seven West Media (SWM) by Southern Cross Media Group Ltd (SCA), subject to the required majorities of SWM shareholders approving the scheme in a meeting to be held the day before, Monday December 22.

SWM has recommended that its shareholders vote yes to the scheme of arrangement. In a note to shareholders SWM said:

You are encouraged to vote on the proposed Scheme of Arrangement under which all of the shares in Seven West Media Limited (SWM) will be acquired by Southern Cross Media Group Limited (SCA) (Scheme).

The SWM Directors unanimously recommend that you vote in favour of the Scheme, in the absence of a Superior Proposal and subject to the Independent Expert continuing to conclude that the Scheme is in the best interests of SWM Shareholders.

The Board of SGH Limited (ASX:SGH) has indicated that it intends to vote its 40.2% stake in SWM in favour of the Scheme, in the absence of a Superior Proposal and subject to the Independent Expert continuing to conclude that the Scheme is in the best interests of SWM shareholders. If the Scheme is implemented, SWM Shareholders will be entitled to receive 0.1552 SCA shares for every SWM share they hold at 7.00pm on 30 December 2025, the Scheme Record Date.

SWM shareholders who oppose the scheme will have the right to appear and be heard at the December 23 court hearing but notice of that intention must be provided at least a day before too. More information can be found here.

The second court hearing takes place from 9:15am (AEDT) Tuesday December 23 at the Law Courts Building of the Supreme Court, 184 Phillip Street, Queens Square, Sydney.