Wilson Asset Management chairman Geoff Wilson has criticised the board of Macquarie Media for recommending Nine's proposal to mop up the minority shareholders at a big discount to the most recent closing price.
Macquarie chairman Russell Tate defended the decision, conceding that an offer below the market price is unusual, but arguing that there are a number of factors in this deal which are not typical of a standard takeover.
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Max Mason covers financial crime, courts and corporate wrongdoing. A Walkley Award winner, Max’s journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Message Max on Signal https://tinyurl.com/MaxMason Connect with Max on Twitter. Email Max at max.mason@afr.com
