Fairfax Media shareholders to vote on proposed merger

Company News

by Katrina Bullock

Fairfax Media (ASX:FXJ) is holding a scheme meeting in Sydney today relating to the proposed merger of Fairfax and Nine Entertainment Co. Holdings (ASX:NEC).

Last night Antony Catalano sent Fairfax Media a letter, which he also leaked to the media, offering to acquire 19.9 per cent of Fairfax and pursue a 'multi-pronged strategy' to sell non-core assets and build the Domain franchises.

Fairfax Media say the letter did not contain a superior proposal that could be considered by shareholders as an alternative to the proposed scheme of arrangement with Nine Entertainment Co Holdings.

The board continues to unanimously recommend that shareholders vote in favour of the Scheme.

Shares in Fairfax Media (ASX:FXJ) are up 0.81 per cent to $0.62.
Shares in Nine Entertainment Co. Holdings (ASX:NEC) are up 0.31 per cent to $1.64.

Katrina Bullock

Finance News Network
Katrina joined FNN in 2018. She holds a Bachelor of Laws (Honours first class), a Bachelor of Business (Distinction) and is currently undertaking a PhD in Law focused on stock exchange disclosures and corporate governance. She previously worked as a corporate lawyer in an Australian top tier commercial law firm and is currently the General Counsel for Greenpeace Australia Pacific.