Southern Cross Broadcasting appears to have finally succeeded in its $89m takeover bid for production group, Southern Star.

Two major institutional investors, Effie Holdings and AMP Capital, which hold about 14% of stock between them, had been holding out for a better offer, but accepted the deal overnight.

This takes Southern Cross Broadcasting to 83% of the required 90% stock for compulsory acquisition. With the offer closing tomorrow, Acorn Capital looks set to also come on board, taking acceptances to 91%.

Southern Star says AMP’s decision was “influenced by the majority of Southern Star’s non-institutional shareholders accepting the offer”.