Australia's Southern Cross Broadcasting considering ownership options |
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Tue, 17 Apr 2007 03:54
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SYDNEY (XFN-ASIA) - Southern Cross Broadcasting (Australia) Ltd said it is continuing to look at a number of options to maximize value for its shareholders, including mergers, acquisitions and the sell-off of assets.'Southern Cross confirms that it has held discussions with a number of media companies,' the company said in a statement to the Australian Stock Exchange.'As Southern Cross has previously advised the market, the company is continuing to explore a number of opportunities to maximise shareholder value, including mergers, acquisitions and divestments.'The owner of radio and television stations, which seen as a potential takeover target following the relaxation of media ownership rules earlier this month, was responding to media reports that Macquarie Media Group (MMG) is about to launch a takeover bid for the group.MMG, a Macquarie Bank Ltd managed company, paid 165 mln aud for a 13.8 pct strategic stake in Southern Cross last November.At 12.30 pm, here, Southern Cross was up 0.13 aud or 0.76 pct at 17.14, giving the company a market capitalization of 1.24 bln aud while the S&P/ASX 200 was down 5.9 points or 0.1 pct at 6,191.9.(1 usd = 1.20 aud)bruce.hextall@xfn.com
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