The Seven Network's
(ASX:SEV) Kerry Stokes has sent a message to minority shareholders in the company that he has no plans to revise his proposed $3.4 billion merger between Seven and his industrial equipment business WesTrac.
The Australian Financial Review reports that Mr Stokes has ruled out an alternative proposal if minority shareholders reject the merger, which goes to a shareholder vote on April 20th.
Earlier this week, ASIC pushed for changes to be made to documents Mr Stokes's Seven Network planned to send to shareholders about its proposed merger.
Mr Stokes told the newspaper if the deal doesn't happen, it will be unfortunate, but for Seven life will go on.
Mr Stokes has also reiterated plans to step down as executive chairman if the merger goes ahead, telling AFR that a move to a traditional non-executive chairman would be nice.
The Seven Network’s 2009 net profit was nearly $12.5 million.
