Chair Rob Murray likely to be removed as SCA ‘re-engage’ with ARN’s improved takeover offer

Nathan Jolly

March 18, 2024 3:11

After mulling over an improved takeover offer from ARN Media, SCA has announced it will “re-engage on the basis of the higher value now being put forward”.

As SCA chief John Kelly told Mumbrella shortly before the SCA board rejected the bid, the company felt its LiSTNR property was undervalued in the initial offer, made last October.

Last Friday, ARN and private equity firm Anchorage Capital Partner increased the offer from 0.753 ARN shares per SCA share, plus 29.6 cents, to 0.87 ARN shares plus 29.6 cents.

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Nathan Jolly

Nathan Jolly is the Features Editor at Mumbrella. He joined the team in July, 2023.