[ad_1]
NINE Entertainment and Fairfax Media announced their intention to merge, creating the first media player in Australia.
Nine shareholders will hold 51.1% of the combined entity and Hugh Marks, nine officers, will lead the new company
Fairfax shareholders will hold the remaining 48.9%
Fairfax directors will recommend Unanimously to Shareholders to Vote In 1965, the Fairfax Board of Directors carefully reviewed the proposed transaction and believes that it represents an undeniable value for Fairfax's shareholders, said the chairman of Fairfax. Fairfax, Nick Falloon, in his presentation.
Fairfax will unanimously recommend that Fairfax shareholders vote in favor of the plan in the absence of a superior proposal. "
According to a statement to the ASX, the two media companies have entered into an agreement to implement the scheme.The directors of Fairfax will be invited to join the board of directors of the company. Combined company, which will be chaired by Peter Costello, Chairman of the Board of Neuf Neuf, and two current directors, Nine 9659003] "The combination of our activities and our employees positions us to the best of our ability. new opportunities and innovations for our shareholders, our staff and all Australians in the coming years, "said Mr. Costello.
Last year, Fairfax Media announced a dramatic shift in its aim to save $ 30 million
The merger with Nine cancels earlier speculation on a possible public tender offer for TPG Capital, a US private equity firm.
The Fairfax chairman Nick Falloon commented, "The Fairfax Board of Directors has carefully reviewed the proposed transaction and believes it represents an undisputed value for Fairfax shareholders. The proposed transaction structure offers our shareholders an excellent opportunity to maintain their exposure to the growing businesses of Fairfax while participating in the benefits of combining with Nine. "
More to come
Source link
