Southern Cross Media Considering A$225 Million Takeover Bid from ARN, Anchorage Capital

• Southern Cross Media considering A$225 million takeover bid from ARN and Anchorage Capital
• Non-binding proposal is unsolicited, complex, and highly conditional
• Recommendation for shareholders to take no action at this time
• Offer includes 0.753 ARN shares and 29.6 Australian cents in cash for each Southern Cross share
• Deal would create a focused metro radio network of 10 stations and a larger regional radio footprint of 88 stations
• Southern Cross shares rose 18% to 86 Australian cents per share after the offer was announced

Australian radio broadcaster Southern Cross Media is considering a takeover proposal from ARN Media and Anchorage Capital. The non-binding proposal, which includes a combination of ARN shares and cash, values Southern Cross equity at A$225 million. However, Southern Cross recommends that shareholders take no action at this time, as the proposal is unsolicited, complex, and highly conditional. If the deal goes through, it would create a focused metro radio network of 10 stations and a larger regional radio footprint of 88 stations. Following the announcement of the offer, Southern Cross shares rose 18% to 86 Australian cents per share.