Southern Cross Media’s takeover of Austereo
Corrs advised Southern Cross Media on its $724 million takeover of Austereo Group Limited. Austereo Group Limited, which owns the 2Day, Fox and Triple M networks, became a takeover target after Village Roadshow announced it wanted to sell its 52.52% stake in the radio company.
Corrs was the principal adviser to Southern Cross Media on its successful $721 million off-market takeover bid for Austereo, which allowed Southern Cross Media to dramatically expand its reach in the metropolitan radio markets.
Corrs’ advice included a pre-bid arrangement with Village Roadshow Limited, advice on all takeover aspects of the transaction and advice on the associated debt facilities and the equity raising (RAPIDS entitlement offer).
Corrs drafted and negotiated all transaction documents including the implementation deed, pre-bid agreement, Bidder’s Statement and the debt and equity raising documents. Corrs also chaired the Due Diligence Committee and conducted legal due diligence on Austereo.