SCA chair blasts Anchorage and ARN after ‘frustrating’ takeover bid withdrawal
Anchorage Capital has pulled out of the takeover bid for Southern Cross Austereo, which would have seen ARN and the investment group acquire 100% of the media company.
According to an ASX update made this morning, Anchorage “notified ARN of its withdrawal from the Consortium”, after due diligence with Southern Cross.
“In light of a continued decline in the trading performance of Regional TV since the Consortium Proposal was made in October 2023, the further deteriorating outlook for Regional TV, and the existing long-term contractual obligation of SCA for outsourced TV broadcast transmission, it does not support ACP’s Regional TV investment thesis,” ARN’s update reads.
LOL – but they had so many redundancies planned?
Not to mention all the Triple M strategy meetings all the old mates were having at ARN! Hope the sandwiches were nice.