Chair announces departure as SCA mulls over revised takeover offer

The Southern Cross Media Group (SCA) board has confirmed it will engage with last week’s revised takeover offer from ARN and that two board members – including Chair Rob Murray – will retire.

The new proposal from ARN and Anchorage Capital Partners Pty Limited suggests an increased valuation per Southern Cross share of approximately 10 cents, and adds an additional $25 million to their offer, raising the stakes to nearly $250 million. This proposal is subject to the satisfactory completion of due diligence processes.

Rob Murray said “The Consortium’s revised proposal will provide a significant increase in the consideration for SCA shareholders and the SCA Board is willing to re-engage on the basis of the higher value now being put forward.”

In parallel, SCA has announced steps towards board renewal, citing ongoing work on succession planning. Glen Boreham, a former CEO and Managing Director of IBM Australia, is set to retire from the SCA Board on 27 March 2024 and Rob Murray has confirmed his intention to retire by the 2024 Annual General Meeting, offering to remain in his role until any transaction with the ARN/Anchorage Consortium is conclusively resolved.