Southern Cross Media Group's response to Consortium's revised proposal

Southern Cross Media Group Limited (ASX: $SXL) has announced its decision to re-engage with ARN Media Limited (ASX: $A1N) and Anchorage Capital Partners Pty Limited (ACP) Consortium's revised non-binding indicative proposal to acquire SCA. The proposal includes an increased share exchange ratio and 29.6 cents cash per share, subject to satisfactory completion of due diligence.

Executive commentary on the revised proposal and board renewal

SCA Chair, Rob Murray, expressed that the Consortium's revised proposal offers a significant increase in consideration for SCA shareholders, prompting the SCA Board to re-engage with the Consortium. The decision to re-engage is based on the higher value now being put forward and the unanimous determination of the SCA Board. Additionally, the retirement of Glen Boreham and Rob Murray from the SCA Board aligns with the planned renewal and succession of directors.

Summary of SCA's response and outlook

Southern Cross Media Group Limited's decision to re-engage with the Consortium's revised proposal indicates a willingness to consider the increased share exchange ratio and cash per share. The SCA Board's unanimous determination reflects the potential benefits for SCA shareholders. The retirement of directors Glen Boreham and Rob Murray aligns with the planned renewal and succession of directors, demonstrating SCA's commitment to effective governance. The outcome of discussions in relation to the Consortium's proposal and any agreed transaction will influence the future composition of the SCA Board and its ongoing corporate activity.