ARN to fight forced sale of Southern Cross stake
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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