The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Southern Cross Media (ASX:SXL) receives a non-binding indicative proposal to be acquired by ARN Media (ASX:A1N) and Anchorage Capital Partners (ACP)
  • The proposal is to acquire 100 per cent of SCA’s fully diluted share capital for consideration of 0.753 ARN ordinary shares and 29.6 cents in cash per share
  • The offer is unsolicited, complex, and conditional, and shareholders are advised to take no immediate action
  • The SCA Board will assess the proposal, which is subject to various approvals and conditions
  • SXL shares are up 17.1 per cent, trading at 85.5 cents at 11:28 am AEDT, while A1N shares are down almost five per cent, trading at 81.3 cents at the same time

Southern Cross Media (ASX:SXL) has received a non-binding indicative proposal to be acquired by ARN Media (ASX: A1N) and Anchorage Capital Partners (ACP).

The proposal is to acquire 100 per cent of SCA’s fully diluted share capital for 0.753 ARN ordinary shares and 29.6 cents in cash per share.

It’s important to note that this proposal is unsolicited, complex, and highly conditional. 

Given the nature of the offer, SCA recommends that shareholders refrain from taking any immediate action in response to the indicative proposal from ARN and ACP.

The indicative proposal is subject to several significant conditions, including unanimous recommendation from the SCA Board thorough due diligence a receiving necessary approvals from shareholders.

The deal also requires regulatory approvals from both the Australian Competition and Consumer Commission (ACCC) and the Australian Communications and Media Authority (ACMA).

To assist in evaluating the proposal, SCA has appointed Grant Samuel as its financial adviser and Corrs Chambers Westgarth as its legal adviser. 

SXL shares were up 17.1 per cent, trading at 85.5 cents at 11:28 am AEDT, while A1N shares were down almost five per cent, trading at 81.3 cents at the same time.



SXL by the numbers
More From The Market Online
The Market Online Video

ASX Market Close: RBA keeps rates on hold amid sticky inflation | November 5, 2024

The Reserve Bank Board has kept interest rates on hold at 4.35% in line with consensus…
The Market Online Video

Timing will be everything for ‘smashing’ Hot Stock tip Judo Capital Holdings

Australian bank Judo Capital Holdings (ASX:JDO), best known for its finance and credit for small and medium-sized businesses, is
The Market Online Video

‘We’re looking’: Nickel-rich Indonesia sounds graphite warning to Aus producers

Nickel-rich Indonesia muscles in on Australian graphite producers as the Southeast Asian country expands into downstream…
Confused man

Aussie inflation seemingly hit a 3 year low. So why’s the ASX200 red?

Headline inflation in Australia has fallen to 2.8%, and that officially takes us into the RBA's…