Spills and thrills in Australia’s biggest listed radio deal
When nearly half the company’s investors publicly back a chairman’s removal, you can be sure change is coming. In this case, it is a long-mooted M&A deal.
Veteran chairman Rob Murray got the message. It only took five years of terrible performance, five months under takeover offer and nearly half his share register coming for his head, but the Southern Cross Media chairman finally got it. It is time to sell up.
To his credit, while he was bagged for his “just say no” defence, he got suitor and long-time radio adversary ARN Media to bid against itself and pay an extra 10 per cent.
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Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
