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.