‘It ain’t over ‘til it’s over’: We could finally be getting to the pointy end of ARN’s SCA takeover bid

With Anchorage Capital Partners pulling out and now Southern Cross Austereo rejecting the latest proposal, we could finally be getting to the end of ARN’s takeover bid.

After Anchorage dropped out of the bid on Monday and SCA rejecting the latest offer on Wednesday, it has been speculated that the takeover proposal – which launched last October – could be dead in the water.

However on a new episode of the Mumbrellacast, Mumbrella publisher and former national director of operations and general manager of 2DayFM and Triple M Sydney and former Macquarie Media CEO, Adam Lang, said this could mean a conclusion is imminent.

“It ain’t over ‘til it’s over,” Lang said.

“It’s in everybody’s interest to quickly resolve whether something can happen or it cannot. Because obviously it’s an investment of energy and there’s an opportunity cost too.”

While some suggested Anchorage dropping out of the proposal only hurts ARN’s chances, Lang offered an alternative.

“I think you can get to an outcome with one less party in the mix quicker, but that could be zero or one – meaning we’re on or off,” he said.

“And so, because now there’s no Anchorage involved, It’s just SCA and ARN. That could be conclusive one way or the other in a shorter period of time.”

When rejecting ARN’s latest offer on Wednesday afternoon, SCA noted in its ASX release that its metro market share improved despite a 2% decline in its radio advertising revenues and a 4% drop in the metro radio advertising market.

It added that on the four-month period ending April 30 2024, digital net revenue basis grew by 43%.

Listen to the full Mumbrellacast episode here.


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