Australia's ARN Media, Southern Cross Media tumble as takeover deal falls through

ARN Media

13/05/2024 02:13

** Shares of broadcaster ARN Media  A1N.AX  fall as much as
6% to A$0.790, while Southern Cross Media  SXL.AX  slips as much
as 6.9% to A$0.880 
    ** A1N stock posts its biggest intraday percentage decline
since Jan. 10, hitting its lowest level since March 18
    ** A1N says its consortium partner Anchorage Capital
Partners has decided to withdraw from the consortium to acquire
SXL
    ** Adds, as a result consortium has to withdraw its buyout
proposal 
    ** A1N stock down 16% and SXL down 5% YTD, based on last
close




 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))