Southern Cross Media’s takeover of Austereo

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Southern Cross Media’s $724 million takeover of Austereo Group Ltd, enabled Southern Cross to dramatically expand its reach in the metropolitan radio markets. Corrs was the principal legal adviser to Southern Cross Media in relation to the transaction.

The deal involved a pre-bid arrangement with Village Roadshow Ltd, 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.