Australia's Southern Cross Media soars as ARN launches $143 mln buyout offer

ARN Media

18/10/2023 24:36

** Shares of Australia's Southern Cross Media Group  SXL.AX 
rise 17.8% to A$0.86
    ** ARN Media  A1N.AX , which owns radio stations like KIIS
FM, launches A$225 mln ($143.19 mln) bid for the media group
    ** SXL shareholders would receive 0.753 ARN shares and 29.6
Australian cents in cash for each Southern Cross share they own
    ** The implied offer price of 94 Australian cents per share
represents a 29% premium to SXL's last price on Tuesday
    ** ARN shares fall 6.4% to A$0.8
    ** SXL stock down 31.5% this year, as of last close

($1 = 1.5713 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))