SYDNEY, AUSTRALIA: Southern Cross Media Group (SCA), a media company listed on the ASX, has received an unsolicited and complex takeover offer from ARN, another media company, and Anchorage Capital Partners (ACP), a private equity firm.
The offer is to buy all of SCA’s shares for a mix of ARN shares and cash. The offer is not binding and depends on many conditions, including the approval of SCA’s board, shareholders, and regulators.
SCA advises shareholders not to do anything about the offer at this stage. SCA has hired advisers to evaluate the offer and will keep shareholders informed.