Southern Cross Media Group Limited (AU:SXL) has released an update.
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Southern Cross Media Group Limited (SXM) has announced the withdrawal of a purchase proposal from ARN Media Limited and its partner Anchorage Capital Partners, ending a seven-month engagement. The withdrawn proposal, which had been confirmed multiple times, leaves SXM evaluating an alternative offer from ARN that notably excludes cash consideration and full exposure to digital audio assets for shareholders. Despite the withdrawal, SXM’s LiSTNR digital audio business continues to show strong performance and the company advises shareholders to await further updates.
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