Nine (ASX:NEC) announces compulsory acquisition of shares in Macquarie Media

Company News

by Anna Napoli

Nine Entertainment (ASX:NEC) has announced it now holds a stake of 98.64 per cent in Macquarie Media following the closure of its offer period at 7.00pm yesterday.

In August Nine put forward a $113.9 million bid for the 45.5 per cent of the Aussie media group not under its control.

Last week Nine secured more than 90 per cent of the shares in Macquarie Media, which allowed it to pursue a compulsory acquisition.

Nine says as all conditions to the offer were satisfied at its closure, the contracts resulting from acceptances are now unconditional and accepting shareholders will receive payment for their shares in
Macquarie Media shares within 21 days.

Shares in Nine Entertainment (ASX:NEC) closed 0.27 per cent higher to $1.87 yesterday.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.