Join our daily newsletter At The Bell to receive exclusive market insights
- Nine Entertainment has today secured a 92.80 per cent stake in Macquarie Media after it bought out the remaining shares
- Shareholders will be paid $1.46 per share with 21 days of the close of the offer period
- The final stages of the deal will be wrapped up towards the end of 2019
- Macquarie is steady trading for $1.46 apiece while Nine is slightly down, trading for $1.87 at 1:04 pm AEST
Nine Entertainment has secured more than a 90 per cent stake in Macquarie Media today after it bought out the remaining shares.
Nine now holds a relevant interest in 158,869,583 of Macquarie shares – a voting power of 92.80 per cent.
Roughly two months ago, Nine owned 54.5 per cent of Macquarie but a successful deal would see it own the full 100 per cent.
In August, the entertainment network offered to pay $113.9 million for a 45.5 per cent stake in Macquarie, with the offering seeing Nine pay $1.46 per share to obtain that percentage.
Macquarie owns major radio stations such as 6PR, 2GB and Macquarie Sports Radio, amongst many more.
Nine became the majority shareholder in Macquarie following its [Nine’s] merger with Fairfax in December 2018.
Today’s announcement noted Macquarie shareholders, who do not accept Nine’s Bidder’s Offer during the offering period, will only be paid the offer consideration following the end of the compulsory purchase process.
Those shareholders who accept Nine’s Bidder’s Offer during the offer period will be paid $1.46 cash per share within 21 days after the close of the offer period.
This offer will close on October 14, 2019.
The final stages of the deal will be wrapped up towards the end of 2019.
Macquarie shares remain unchanged, trading for $1.46 in a $249.1 million market cap, while Nine is down slightly, trading for $1.87 at 1:04 pm AEST.
