Macquarie Group exited a significant portion of its investment in Southern Cross Media (SCA) late yesterday afternoon.
Macquarie held 26% of SCA at the close of trade Thursday, and offered 120 million shares to fund managers at 4.30 yesterday afternoon, for $1.08 a share.
Shares had closed at $1.18, and the divestment was at around an 8.5% discount to the last trading price. The sale has netted Macquarie Group $130 million, and is understood to be driven by a view that the SCA business was non-core.
Late last night however, the remaining 10% of SCA that Macquarie own was sold to Nine Entertainment; which has reportedly acquired 9.9% of SCA at $1.15 per share.
With the media ownership laws changing shortly, the jockeying for position is well under way.
Source: Radio Today
.jpg%3Fv%3D1785482020048&w=3840&q=75)
