Sunday, May 26, 2024

Non-binding Indicative Proposal to Acquire SCA

Southern Cross Media Group Limited (ASX: SXL) (SCA) confirms it has received from ARN Media Limited (ASX: A1N) (ARN) and Anchorage Capital Partners Pty Limited (ACP) a non-binding indicative proposal to acquire 100 percent of SCA’s fully diluted share capital for consideration comprising 0.753 ARN ordinary shares and 29.6 cents cash per share by way of a recommended scheme of arrangement (Indicative Proposal).

The proposal is unsolicited, complex, and highly conditional. SCA recommends shareholders take no action in relation to the Indicative Proposal from ARN and ACP.

The Indicative Proposal is subject to the unanimous recommendation of the SCA Board, due diligence, shareholder and regulatory approvals from both the ACCC and ACMA, and other terms and conditions.

The Board of SCA will consider the Indicative Proposal and has appointed Grant Samuel as its financial adviser and Corrs Chambers Westgarth as its legal adviser to help assess the Indicative Proposal. SCA will update shareholders as required.


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