GTN Limited issues Target's Statement in response to off-market takeover bid

GTN Limited (ASX:GTN) has issued a Target's Statement in response to an off-market takeover bid by Viburnum Holdings Pty Ltd, a wholly owned subsidiary of Viburnum Funds Pty Ltd, for all fully paid ordinary shares in GTN. The GTN Independent Board Committee unanimously recommends that GTN shareholders reject the offer, citing reasons such as the offer being neither fair nor reasonable, undervaluing GTN, and not reflecting the company's progress and potential future value. Shareholders are encouraged to read the Target's Statement and seek independent advice before making a decision.

GTN Independent Board Committee's Recommendations

The GTN Independent Board Committee, chaired by Mr. Peter Tonagh and comprising independent directors Mr. David Ryan and Ms. Corinna Keller, unanimously recommends that GTN shareholders reject the off-market takeover offer by Viburnum Holdings Pty Ltd. The committee believes that the offer is neither fair nor reasonable, undervalues GTN, and does not reflect the company's progress and potential future value. The Independent Expert's Report concluded that the offer is inadequate and represents no premium for control of GTN. Shareholders are advised to carefully consider the Target's Statement and seek independent advice before making any decision regarding the offer.

Assessment of the takeover offer and potential impact on GTN

GTN Limited has issued a Target's Statement in response to an off-market takeover offer from Viburnum Holdings Pty Ltd, with the Independent Board Committee unanimously recommending that shareholders reject the offer. The statement includes an Independent Expert's Report prepared by RSM Corporate Australia Pty Ltd, which concluded that the offer is inadequate and represents no premium for control of GTN. The announcement provides a comprehensive overview of the potential acquisition of GTN shares, the company's financial performance, and the associated risks for shareholders and the company itself. Shareholders are encouraged to carefully assess the information provided and seek independent advice before making any decision regarding the offer.