Southern Cross Media Group chairman Rob Murray has moved forward his planned retirement to today, as the ARN takeover bid continues to ruffle feathers.
Murray’s departure comes six months earlier than previous announced. SCA announced today that the board will not appoint any new directors this financial year.
“The Consortium’s revised proposal, which offers an increase in the total consideration for all SCA shareholders, provides an opportunity for me to bring forward my retirement,” Murray wrote in a statement.
“I am hopeful this will also help avoid the distraction and unnecessary time, cost and resources that would be required by the recent call by one of our shareholders for an extraordinary general meeting.”
Spheria Asset Management had requested an EGM in order to get rid of Murray as chairman.
Board director Glen Boreham also stepped down today, as announced earlier in the month.
This comes a fortnight after ARN Media increased its offer to take over Southern Cross Austereo, from 0.753 ARN shares per SCA share, plus 29.6 cents, to 0.87 ARN shares plus 29.6 cents.
SCA said it will “re-engage on the basis of the higher value now being put forward”.
