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An announcement from Southern Cross Media Group Limited ( (AU:SXL) ) is now available.
Southern Cross Media Group Limited (SCA) has announced that it received a waiver and confirmation from the Australian Securities Exchange (ASX) regarding its proposed merger with Seven West Media Limited (SWM). This merger, which involves SCA acquiring all SWM shares through a scheme of arrangement, does not require SCA shareholder approval but will be evaluated by an independent expert to ensure it is in the best interests of SCA shareholders. The ASX has granted a waiver of Listing Rule 10.1, allowing SCA to acquire SWM shares held by Spheria Asset Management without shareholder approval, as it does not present a risk of value shifting. Additionally, the ASX confirmed that SCA does not need to seek shareholder approval under Listing Rule 11.1 as the merger does not result in a fundamental change in SCA’s operations, given both companies’ focus on media content and advertising.
The most recent analyst rating on (AU:SXL) stock is a Buy with a A$1.08 price target. To see the full list of analyst forecasts on Southern Cross Media Group Limited stock, see the AU:SXL Stock Forecast page.
More about Southern Cross Media Group Limited
Southern Cross Austereo (SCA) is a prominent Australian media company known for its LiSTNR digital audio app, which offers a variety of digital audio content including FM, AM, and DAB+ radio stations, sports coverage, music playlists, local news, and podcasts. SCA operates 104 radio stations under the Triple M and Hit network brands and provides national sales representation for regional stations, reaching over nine million listeners nationally.
Average Trading Volume: 287,814
Technical Sentiment Signal: Buy
Current Market Cap: A$197.9M
See more insights into SXL stock on TipRanks’ Stock Analysis page.