After seven months, the dream of an ARN-Southern Cross combination fell apart. But if history is any guide, M&A has been a source of unease for ARN investors.
Already a subscriber?In the week after ARN Media’s tortured bid for Southern Cross looks to have died, the last whispers of deal hopefuls have landed on ARN’s own M&A track record. Its media rival and target, Southern Cross, arguably has a worse one.
Another lingering question is how such an experienced buyout fund failed to recognise until last week just how challenging the environment is. that Catalano had outlined a preliminary plan to merge his Australian Community Media and Southern Cross and create a regional media giant. In May 2021, it looked set to sell the business to Link Mobility for $139 million, though that fell through. By January 2023, ARN offloaded its Soprano shares to Potentia Capital for $66.3 million in cash.Perhaps the highest profile disappointment is thefor $323 million, split between $249 million in cash and $74 million in shares .
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