Southern Cross Media gains on revised proposal from Australian Community Media

Southern Cross Media

28/05/2024 02:07

** Shares of Southern Cross Media Group  SXL.AX  up 7.1% at
A$0.835, set for best day since Dec. 19, 2023 if gains hold
    ** Media co says it has recently been approached by
Australian Community Media (ACM) with a proposal for Southern
Cross to acquire assets of ACM
    ** Says the proposal materially different to ACM's previous
one that was rejected by Southern Cross in November 2023
    ** Says it is investigating ACM's revised proposal to
determine whether it is in the best interests of SXL
shareholders
    ** Stock down 21.6% YTD, as of last close

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))