IN WHAT is one of the first media mergers to be completed following the relaxation of cross-media ownership laws, Corrs Chambers Westgarth has advised Southern Cross Broadcasting (Southern Cross) on its $1.35 billion merger with the Macquarie Media Group (MMG).
The acquisition was implemented by way of two schemes of arrangement in respect of the shares and options in Southern Cross. Under the schemes, MMG acquired all outstanding shares in Southern Cross and all outstanding options in Southern Cross were cancelled. As part of the broader Southern Cross transaction, and separately to these schemes, Fairfax Media acquired a number of Southern Cross’s businesses, including its metropolitan radio broadcasting business.
Corrs advised Southern Cross on all aspects of the transaction, working closely with the general counsel of Southern Cross, Adam Olding, who played a key role in the transaction. Corrs produced all transaction and court documentation for the schemes, including the scheme booklet, and advised Southern Cross on the competition and property aspects of the transaction.
Corrs partner Justin Fox said: “The smooth progression of the transaction through the scheme meetings and the court was testament to the dedication, long hours and high quality work put in by everyone involved in the transaction. Importantly, it’s a great result for our client with shareholders voting overwhelmingly in favour of the transaction.”
Corrs has previously advised Southern Cross on a range of key acquisitions, including Southern Star, Spencer Gulf Telecasters, 2UE and Telecasters Australia Ltd.
The Corrs team working on this transaction was led by Justin Fox, Naomi Lawrie and Robert Mott and included Reynah Tang, Stephen Kroker, Daniel Marquet, Vanessa Smith, Sara Georgandas, Chris Taylor, Warwick Taylor and Colleen Martin. A number of Corrs’ practice groups played pivotal roles in steering the transaction to completion, including its corporate advisory, litigation and tax practices.