ARN’s proposal includes shuffling the radio networks between ARN and Anchorage. ARN would take KIIS and Triple M and 88 regional radio stations. Anchorage would personal the Pure Gold and Hit manufacturers, in addition to 35 regional stations and a regional TV community. They would co-own a separate digital streaming business.
This week’s much-anticipated transfer by ACM comes as Southern Cross executives have been making an attempt to drum up wider curiosity within the business to counter ARN and Anchorage’s supply.
It additionally comes because the Takeovers Panel considers a grievance about how ARN purchased its 14.8 per cent stake in Southern Cross, lodged by Keybridge Capital fund supervisor and activist investor Nick Bolton.
Keybridge Capital – of which Catalano is a fellow director – believes ARN’s preliminary buy of Southern Cross shares was performed in breach of the Corporations Act.
The considerations are to do with shares held by fund supervisor Allan Gray on the time ARN made its first play for Southern Cross in June.