ARN's takeover bid for SCA is on the critical list; can it be saved?
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Anchorage got spooked; here’s what ARN needs to do now to make the Southern Cross Austereo takeover happen
The metaphorical cupcakes were already being iced for this morning’s annual general meeting of ARN Media when things fell apart at the end of last week.
Instead of welcoming shareholders to the shiny new ARN offices in North Sydney with news that the company was ready to close the deal, the plan to take over rival Southern Cross Austereo is in tatters. It’s not quite dead, but an awful lot will now need to go right if it is to be saved. We’ll get some strong signals today whether shareholders have the patience for CEO Ciaran Davis and chairman Hamish McLennan to attempt to thread the needle.
Here’s where we’re at:
Plan A: The Anchorage proposal
ARN’s scheme to swoop on Southern Cross Austereo and take its best parts, goes back the best part of year. In June 2023, ARN dropped $38.3m on buying a 14.8% stake in its main rival.