Southern Cross won't be rushed as ARN clears key hurdle for takeover bid
The employer of Kyle and Jackie O has a conditional green light from the Takeovers Panel for a $330m bid for its radio industry rival.
Southern Cross Austereo will continue to take its time to assess the value of a takeover bid from rival ARN Media, after fresh orders from the Takeovers Panel prompted a push from its suitor for accelerated engagement.
The due diligence process, which kicked off between the parties on 19 December last year, is progressing sources familiar with the deal told Capital Brief. But Southern Cross chairman Rob Murray in October said the company wouldn't rush to engage with the ARN offer, a position which the sources said remains unchanged.
“So — and frankly — we’re not going to be rushed by that view as we try and assess whether there’s value here for our shareholders,” Murray said at the time.
The Southern Cross board is expected to give an update on the deal to shareholders at its first half results on 29 February, as it did at its annual general meeting last year.
