Facing a new takeover offer from ARN Media and Anchorage Capital Partners, nearly 40 per cent of Southern Cross Austereo shareholders want to remove its chair.
Already a subscriber?Almost 40 per cent of Southern Cross Austereo’s shareholders are prepared to remove the radio and television broadcaster’s chairman, Rob Murray – likely pushing him to step down from the company that owns the Triple M and Hit radio networks.
ARN, which runs the KIIS and Pure Gold radio networks, owns 14.8 per cent of Southern Cross – but cannot vote 6.83 per cent of it due to a recent ruling from the Takeovers Panel, announced it intends to vote its 7.97 per cent with Spheria. Those four major shareholders account for 36 per cent of Southern Cross’s ownership.Advertisement
It is unclear how Australian Community Media executive chairman Antony Catalano – who owns 6 per cent of Southern Cross and doesn’t want the ARN deal to go through – will vote., saying it would be willing to pay up to 0.87 ARN shares for each of its rival’s shares. It had offered 0.753 ARN shares per Southern Cross share, with 29.6¢ in cash plus franking credits.
“There was no alternative. Truth in takeovers, they needed to lift the proposal,” Spheria’s Matt Booker said.“I’m not really surprised. For us, we’re all fatigued, we just want a deal to go through. Let’s just get the deal done.”
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