Australia’s Southern Cross radio network has made an offer to buy the majority shareholding of the Austereo Network.
The Southern Cross network is the owner of talk stations 3AW in Melbourne and 2UE in Sydney. Austereo owns the Triple M and Today networks.
In an announcement to the Australian Stock Exchange this morning, Village Roadshow announced that Southern Cross has made an offer to buy Village’s 181,093,856 shares at $2.05 per share or $371,242,404 for 52.52% of the company. The offer values the Austereo Network at around $700,000,000.
Village Roadshow said in the statement that it intends to accept the offer pending shareholder approval.
Austereo shares jumped 10.05% to $2.08 this morning on the announcement.
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