SYDNEY: Southern Cross Media Group Limited (ASX: SXL) has recently been approached by Australian Community Media (ACM) with a proposal for Southern Cross to acquire assets of ACM.
ACM’s proposal relates to a portfolio of 14 of its daily print and digital news publications, key regional/metro titles, and its agriculture division. The proposal is materially different to ACM’s previous proposal that was rejected by SCA in November 2023.
The SCA Board has decided to investigate ACM’s revised proposal to determine whether it would align with SCA’s strategy and have the potential to create value for and be in the best interests of SCA shareholders, particularly in relation to prospective value in ACM’s digital capabilities and content, regional focus, and other potential synergies. Discussions between SCA and Australian Community Media are preliminary and there is no certainty that a transaction will eventuate.
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