Brief: ARN Media Updates On Non-Binding Indicative Proposal To Acquire Southern Cross Media

ARN Media

13/05/2024 02:16

May 13 (Reuters) - ARN Media Ltd  A1N.AX :
    * UPDATE ON NON-BINDING INDICATIVE PROPOSAL TO ACQUIRE
SOUTHERN
CROSS MEDIA GROUP
    * UNDER CONSORTIUM PROPOSAL, ARN WOULD ACQUIRE CERTAIN RADIO
STATIONS CURRENTLY OWNED BY SCA
    * UNDER CONSORTIUM PROPOSAL, ANCHORAGE CAPITAL PARTNERS
WOULD BUY
REMAINING SCA RADIO STATIONS IN ADDITION TO CERTAIN ARN RADIO
STATIONS
    * ANCHORAGE CAPITAL PARTNERS HAS NOTIFIED ARN OF ITS
WITHDRAWAL
FROM CONSORTIUM
    * CONTINUES TO CONSIDER ACQUISITION OF CERTAIN SCA RADIO
ASSETS,
COMBINATION OF ARN AND SCA DIGITAL AUDIO ASSETS AS UNIQUE
OPPORTUNITY
    * NTENDS TO ENGAGE WITH SCA ON A REVISED NON-BINDING
INDICATIVE
PROPOSAL
    * WOULD ACQUIRE SAME RADIO ASSETS AS UNDER CONSORTIUM
PROPOSAL
PLUS ASSUME 100% OWNERSHIP OF COMBINED DIGITAL AUDIO ASSETS OF
ARN AND SCA
    * SCA SHAREHOLDERS WOULD RECEIVE UP TO 0.870 ARN ORDINARY
SHARES
FOR EACH FULLY DILUTED SCA SHARE


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