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Sunday, July 21, 2024

Southern Cross Turns Down ACM Proposal

After a May announcement by Southern Cross Media Group Limited (SCA) that it was investigating whether a proposal from Australian Community Media (ACM) for SCA to acquire certain assets of ACM would align with SCA’s strategy and be in the best interests of SCA shareholders, the company has decided not to pursue ACM’s proposal.

ACM’s proposal would have involved SCA acquiring a portfolio of ACM’s key print and digital news publications and its agriculture division. ACM’s digital and regional capabilities and content hold some attraction for SCA. However, SCA has concluded that the relevant assets do not align with SCA’s audio-focused strategy and would not create value for SCA shareholders. Following review with ACM and consultation with major shareholders, the SCA Board says it considers it would not be in the best interests of SCA shareholders to pursue the proposal.

In a statement, the Board said, “SCA has appreciated the constructive and open engagement from ACM’s leadership and management team over the past four weeks and wishes ACM well for its ongoing digital transformation.

“SCA recommends shareholders take no action in relation to ACM’s proposal. SCA will continue to update shareholders as required by its continuous disclosure obligations.

“SCA’s guidance provided on 15 May 2024 for the full financial year to 30 June 2024 remains unchanged.”


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