Southern Cross Media Group Rejects Initial Bids
Southern Cross Media Group Rejects Initial Bids
Southern Cross Media Group (ASX:SXL) has informed its potential bidders – radio rival ARN and private equity firm Anchorage Capital – to come back with a higher offer.
南十字媒體集團（澳大利亞證券交易所股票代碼：SXL）已通知其潛在競標者——電臺競爭對手ARN和私募股權投資公司安克雷奇資本——提出更高的報價。
In a statement to the ASX on Thursday morning, Southern Cross (SXL) indicated that changed circumstances in the radio market have undermined the value of the proposed offer.
在週四上午向澳大利亞證券交易所發表的一份聲明中，南十字星（SXL）表示，廣播市場形勢的變化削弱了擬議報價的價值。
The offer terms from October 18, 2023, were 0.753 shares in a reconstituted company following reallocation of SCA and ARN assets (ARN Newco), 29.6 cents cash per share, and 12.7 cents a share in franking credits by way of a recommended scheme of arrangement (Indicative Proposal).
自2023年10月18日起，發行條款爲重新分配SCA和ARN資產（ARN Newco）後重組後的公司持有0.753股股票，每股現金29.6美分，通過建議的安排計劃（指示性提案）獲得每股稅收抵免額12.7美分。
That valued SXL shares at around 94 cents each – they rose 1% on Wednesday to 97 cents and were around 73 cents a share when the offer was first made.
這使SXL的股票每股估值約爲94美分——週三上漲了1％，至97美分，首次出價時約爲每股73美分。
ARN shares, however, fell 4% on Wednesday to 83 cents and are around the level they were at when the offer was first made last October. But they have been higher since then and are down 17% year-to-date this year. This is despite struggling Seven West Media buying 14.9% of ARN (plus a cash-settled swaps deal covering another 5%) a month after the Southern Cross bid was launched.
然而，ARN股價週三下跌4％，至83美分，接近去年10月首次提出報價時的水平。但是自那時以來，它們一直在上漲，今年迄今爲止下降了17％。儘管在南十字競標啓動一個月後，Seven West Media仍苦苦購買了ARN14.9％的股份（外加一項涵蓋另外5％的現金結算互換協議）。
With News Corp holding 13.2% of ARN's shares, the situation is getting complicated. Seven West last year ruled out a bid for ARN or Southern Cross but with the bid now being rejected, will that change?
隨着新聞集團持有ARN13.2％的股份，情況變得越來越複雜。去年，Seven West排除了競標ARN或Southern Cross的可能性，但現在競標被拒絕，情況會改變嗎？
In Thursday's statement, SXL said it acknowledges the strategic merit for SCA shareholders of combining complementary and high-performing radio and digital assets of SCA and ARN in ARN Newco and reducing exposure to regional television on appropriate terms.
在週四的聲明中，SXL表示，它承認SCA股東將SCA和ARN的互補和高性能廣播和數字資產合併到ARN Newco中，並以適當的條件減少地區電視的曝光率，具有戰略價值。
"The Board and management have therefore constructively engaged with the Consortium and its advisers in evaluating the Indicative Proposal.
“因此，董事會和管理層與財團及其顧問進行了建設性的接觸，以評估指示性提案。
"SCA has now had the opportunity to evaluate additional materials regarding the expected earnings profile of the ARN Newco shares to be offered to SCA shareholders. The Consortium has provided these materials since SCA's ASX announcement on March 1, 2024.
“SCA現在有機會評估有關向SCA股東發行的ARN Newco股票的預期收益狀況的其他材料。自SCA於2024年3月1日在澳大利亞證券交易所發佈公告以來，該聯盟一直提供這些材料。
"Based on these additional materials and the parties' mutual due diligence work to date, it has become apparent that there have been fundamental changes to the economics of the Indicative Proposal, including an increase in leverage and a reduction in the earnings base of ARN Newco, from that indicated by the Consortium in its original proposal.
“根據這些補充材料以及雙方迄今爲止的相互盡職調查工作，很明顯，指示性提案的經濟學發生了根本性的變化，包括槓桿率的提高和ARN Newco的收益基礎低於財團在最初提案中所示的水平。
"These changes have significantly reduced the value of the Indicative Proposal to SCA shareholders.
“這些變化大大降低了指示性提案對SCA股東的價值。
"Based on the information provided by the Consortium, the SCA Board has concluded that the current terms of the Indicative Proposal undervalue SCA, and as a result, the Indicative Proposal is not in the best interests of SCA shareholders."
“根據聯盟提供的信息，SCA董事會得出結論，指示性提案的當前條款低估了SCA的價值，因此，該指示性提案不符合SCA股東的最大利益。”
SXL said that despite the new assessment of the current terms of the Indicative Proposal, "SCA remains willing to consider any revised proposal which SCA assesses as being consistent with the Consortium's original proposal and in the best interests of all SCA shareholders."
SXL表示，儘管對指示性提案的當前條款進行了新的評估，但 “SCA仍然願意考慮任何經SCA評估認爲與財團最初提案一致且符合SCA所有股東最大利益的修訂提案。”
Chair Rob Murray said in Thursday's statement that it still saw the merit of a deal with ARN and Anchorage but "considers that the current terms of the proposal undervalue" Southern Cross.
主席羅布·默裏在週四的聲明中表示，它仍然認爲與ARN和安克雷奇達成協議的好處，但 “認爲該提案的當前條款低估了南十字星的價值”。
"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."
“我們願意考慮聯盟或其他各方提出的能夠帶來公允價值並符合我們所有股東最大利益的提議。”
