Australia's Southern Cross Media jumps on continuing due diligence with bidders

ARN Media

19/12/2023 24:27

** Shares of Southern Cross Media  SXL.AX  jump as much as
3.1% to A$0.990, their biggest intraday gain since Dec 12 
    ** The broadcaster jumps after board determines to continue
due diligence with bidders ARN Media  A1N.AX  and and Anchorage
Capital Partners
    ** Says parties have not reached a binding agreement to
implement the indicative proposal valuing SXL at A$225 mln 
($150.84 mln) and have not agreed to commence preparation or
negotiation of any transaction documentation
    ** A1N shares up as much as 2.9% to A$0.885
    ** SXL shares down 9.9% while A1N shares down 10.9% YTD, as
of last close 

($1 = 1.4916 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))