ARN Media and Anchorage Capital Partners’ proposed takeover of Southern Cross has already hit a major hurdle.
Activist investor Nick Bolton will attempt to thwart a tie-up between radio giants Southern Cross Austereo and ARN over claims the latter inadvertently breached the Corporations Act when it bought a stake in its rival.But the proposed takeover has already hit a major roadblock.
Mr Bolton submits that the stake held by ARN, some of which was purchased from Allan Gray, does not comply with the Corporations Act. If Keybridge Capital is right and there was an inadvertent breach, the panel would confiscate the relevant portion of shares and release them to the market. Mr Bolton wants ARN and its associates prohibited from buying any new Southern Cross shares for six months after the 16 million shares are distributed. It would jeopardise the deal.to counter ARN and Anchorage’s offer.
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