Southern Cross considering fresh ACM deal
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The news: Southern Cross Media says its board is investigating a revised proposal to take over some assets from Australian Community Media.
The numbers: Under the proposal, Southern Cross would acquire 14 of ACM’s daily print and digital news publications, key regional and metro titles and its agriculture division.
Southern Cross shares were up 2.6% to 80 cents in early trade on the ASX.
The context: Southern Cross said its board would determine whether the proposal aligns with SCA strategy and has the potential to create value.
It said discussions between the two parties are preliminary and there was no certainty of a transaction. SCA said the new proposal is materially different to ACM’s previous offer in November 2023 to combine several assets.
Earlier this month, Southern Cross rejected another takeover bid by ARN Media.
The source: ASX announcement
