SCA says no to ARN’s new indicative offer

That was quick, but perhaps not surprising.

SCA‘s Board have already decided that the Alternative Indicative Offer by ARN, after Anchorage Capital Partners pulled out of their initial consortium takeover bid, is not in its shareholders interests.

They’ve also said, in an ASX release, that they have not yet received from ARN a formal offer, but irrespective based on legal and financial advice, they won’t engage with it, as it does not represent the value or the incremental earnings that ARN outlined in their AGM.

Unless a party is willing to come in for SCA’s television assets it looks like this deal is now fully off the table.