The company that owns the KIIS and Pure Gold radio brands has spent five months trying to buy its rival. It just increased its bid.
ARN Media, the owner of the Pure Gold network and Kyle and Jackie O Show’s KIIS FM, has bumped up its offer to take control of Southern Cross Austereo – and said it will dump its rival’s chairman if it can.with private equity firm Anchorage Capital Partners
On Friday, the board of ARN – led by former Rugby Australia chairman Hamish McLennan – approved a higher offer. It now says it will pay up to 0.87 ARN shares for each of its rival’s shares – if its PwC experts get enough access and information in due diligence.The new offer “would imply up to an additional 10 cents of value per fully diluted SCA share”, ARN’s board said in a statement. The market had deteriorated since October, it said, but Southern Cross had offset that with deep cuts.
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