Southern Cross Austereo wants to ignite a bidding war for its radio, TV and digital audio assets.
executives are aiming to drum up wider interest to counter a takeover bid from radio rival ARN Media and private equity firm Anchorage Capital Partners lobbed last week.Southern Cross Austereo CEO John Kelly.
Flushing out other suitors would ignite a bidding war for Southern Cross if successful. He will face investors at Southern Cross’ annual general meeting on Friday. The company declined to comment.Simon Mawhinney, managing director of investment manager Allan Gray, which owns 16.4 per cent of Southern Cross, said he received an offer to buy a chunk of his holding. Not long before the takeover announcement, he had one party – whose identity he doesn’t know – offer to buy his entire stake.
They would co-own a digital audio platform. Both ARN and Southern Cross have rival platforms, which are expensive and losing money. Seven West Media, controlled by billionaire Kerry Stokes, has previously sought to buy three of Southern Cross’ TV stations to increase its regional footprint. It has also expressed strong interest in radio in the past.Rich listers Antony Catalano and Alex Waislitz, who own Australian Community Media – the publisher of titles includingIt is unclear how Anchorage would operate its half of Southern Cross’ business and whether it would carve off parts to sell.
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