Southern Cross Media Group Limited (ASX: $SXL) has responded to the unsolicited non-binding, conditional, indicative offer from ARN Media Limited (ASX: $A1N) and Anchorage Capital Partners Pty Limited (ACP) to acquire 100% of the fully diluted share capital in SCA. The SCA Board has evaluated the proposal and concluded that the current terms undervalue the company and are not in the best interests of its shareholders.
Our Board acknowledges the strategic merit underlying the Consortium's proposal but considers that the current terms of the proposal undervalue SCA. We are open to considering proposals from the Consortium or other parties that would deliver fair value and be in the best interests of all our shareholders. In the meantime, we remain focused on continuing to optimize the audio ecosystem we have created across broadcast radio and digital audio. This is central to our strategy and our value proposition, and we are committed to converting our audience leading positions into sustainable growth and returns to our shareholders.
Southern Cross Media Group (ASX: $SXL) has rejected the indicative proposal from ARN Media Limited and Anchorage Capital Partners Pty Limited, citing that the current terms undervalue the company. Despite this, SCA remains open to considering revised proposals that align with the Consortium's original proposal and are in the best interests of its shareholders. The company continues to focus on optimizing its audio ecosystem and aims to convert its audience leading positions into sustainable growth and returns for its shareholders.