ARN Media Adjusts Takeover Plan for SCA Assets

HT&E Ltd (AU:A1N) has released an update.

ARN Media Limited has withdrawn its original proposal with Anchorage Capital Partners to acquire Southern Cross Media Group due to a decline in Regional TV’s performance, but it’s now pursuing a revised acquisition strategy on its own. ARN plans to take over certain radio and digital audio assets, offering SCA shareholders up to 0.870 ARN shares for each SCA share, and suggesting the potential formation of a new entity, New SCA, to hold remaining assets. This new proposal could offer SCA shareholders approximately A$1.20 per share, surpassing the initial offer’s value.

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