Southern Cross Media Group Limited (AU:SXL) has released an update.
Southern Cross Media Group Limited (SXL) has rejected ARN Media Limited’s revised acquisition proposal, deeming it not in the best interest of its shareholders. The proposal, which would have seen SXL shareholders gain approximately 36% of a new entity while retaining 100% of a non-core regional TV asset, is seen as detrimental due to the high costs of breaking up SXL’s integrated platform, potential liquidity issues, and significant execution risks. SXL remains open to future proposals that provide fair value and align with shareholder interests.
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