Australian-Media.com.au News

• Sunraysia approves WIN's offer

  June 8 2007 8:59am (UTC+8)  -  Article by Slj

  FIRST ON AM | Sunraysia shareholders today overwhelmingly voted to approve an offer by Win Corporation for its Perth television station STW-9 valued at $163.2m. The station sale could be completed as early as Tuesday June 12th.
  
  Win with a 44.6% stake in Sunraysia Television was prevented from voting on the resolution, leaving Eva Presser who owns 49.7% of Sunraysia and other minor shareholders to decide if they would approve the board recommended Win offer, the result 99.97% of eligble voters voted in favour of the Win offer. Earlier in the meeting shareholders also had to vote on an earlier offer made by PBL Media valued at $136.36m, this was initially the preferred bid. The PBL offer was rejected, with less than 0.5% of the vote.
  
  The process to sell the station has been long and drawn out. PBL's initial offer was announced back on February 21st. Win put in an offer $10m higher than this offer which was rejected, a court case ensued to prevent a vote on the PBL offer which they won and then they entered in the higher bid of $163.2, PBL Media never countered the offer despite fears by Win that there plan would be railroaded by a late PBL Media/CVC bid.
  
  The companies had also fought over Newcastle/Gold Cost station NBN Television station, which PBL Media ending up winning with an offer of $250million. Just last week WIN came to an agreement with Southern Cross Broadcasting to purchase Nine Adelaide affiliate NWS-9 for $105m.
  
  Australian-Media.com.au