ARN Media will try to stop the forced sale of almost half its shares in ASX-listed rival Southern Cross Media, after the Takeovers Panel ruled the radio broadcasting giant had breached corporation rules.
ARN Media and private equity firm Anchorage Capital lobbed a takeover bid for Southern Cross in mid-October. But the plans hit a roadblock when an activist shareholder, Keybridge Capital’s Nick Bolton, complained to the Takeovers Panel that an initial stake bought by ARN in June was acquired illegally.
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Zoe Samios covers wagering and the business of sport from the AFR's Sydney newsroom. She was previously the media and telecommunications reporter for The Sydney Morning Herald and The Age, and covered media at The Australian. Connect with Zoe on Twitter. Email Zoe at zoe.samios@afr.com
