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Macquarie Media Urges Nine Takeover Bid

Macquarie Media has today urged shareholders to accept a $1.46/per share off-market takeover offer from Nine, putting the company at an enterprise value of $275 million.

Disclosed in a Target Statement today, the Independent Directors of Macquarie Media have “unanimously recommended” shareholders accept Nine’s bid.

Announced to the ASX, the company warns it could “lose key advertisers” over contract renewals, “weakening of customer relationships or disputers with advertisers”, “comments or opinions experience by key talent”, “consolidation of advertisers, insolvency of advertisers or increased competition.”

The radio business is the owner of 2GB and 3AW, with the former engulfed in a PR crisis over controversial host Alan Jones.

The company asserts it’s conducting a full review of the Alan Jones Breakfast Show.

The offer is dependent on at least 90% acceptance, and is set to close October 14.

The news comes after Nine gained a 54.5% majority stake in Macquarie Media after its merger with Fairfax in December.

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