Original article by Lilly Vitorovich
The Australian – Page: 17 & 20 : 11-Dec-19
Australian Community Media’s Antony Catalano says he is not working with WIN Corporation owner Bruce Gordon to block Seven West Media’s takeover bid for Prime Media Group. Their combined stake in Prime is sufficient to prevent Seven from reaching the 75 per cent acceptances threshold to complete the deal. Catalano says that himself and Gordon seem to be of the shared view that the Seven offer does not represent good value for Prime’s shareholders. Both have stressed the need for further changes to Australia’s media ownership laws.
SEVEN WEST MEDIA LIMITED – ASX SWM, PRIME MEDIA GROUP LIMITED – ASX PRT, AUSTRALIAN COMMUNITY MEDIA, WIN CORPORATION PTY LTD
Original article by Leo Shanahan, Nick Tabakoff, Zoe Samios
The Australian – Page: 17 & 28 : 10-Dec-19
Seven West Media has offered a fully franked special dividend of $0.03 per share for regional affiliate Prime Media Group, in addition to the initial offer of 0.4582 of its shares. However, two of Prime’s biggest shareholders – WIN Corporation owner Bruce Gordon and Australian Community Media’s Antony Catalano – will oppose the bid. The former has stated that Australia’s outdated media ownership laws have stymied rival bids for Prime, while Catalano has reiterated his interest in acquiring Prime in order to build ACM into a diversified regional media group.
SEVEN WEST MEDIA LIMITED – ASX SWM, PRIME MEDIA GROUP LIMITED – ASX PRT, WIN CORPORATION PTY LTD, AUSTRALIAN COMMUNITY MEDIA
Original article by Max Mason
The Australian Financial Review – Page: 17 : 9-Dec-19
Seven West Media and regional affiliate Prime Media Group have declined to comment on speculation that investors may be offered a special dividend to make their proposed merger more attractive. Seven’s offer values Prime at between $0.183 and $0.206 per share, but an independent expert’s report has valued Prime at between $0.21 and $0.24 per share. Paying a cash dividend and utilising Prime’s franking credits would lift the bid to a range that is closer to this valuation.
SEVEN WEST MEDIA LIMITED – ASX SWM, PRIME MEDIA GROUP LIMITED – ASX PRT, LONERGAN EDWARDS AND ASSOCIATES LIMITED, WIN CORPORATION PTY LTD, BIRKETU PTY LTD, AUSTRALIAN COMMUNITY MEDIA, REGAL FUNDS MANAGEMENT PTY LTD
Original article by Peter Ker
The Australian Financial Review – Page: 22 : 29-Nov-19
OZ Minerals has exercised an option to acquire the Pantera copper exploration project in Brazil’s Carajas region from Vale. OZ has also acquired an option to buy another two copper projects from Vale, which will in turn transport and market OZ’s copper concentrate in the region. OZ MD Andrew Cole has flagged the possibility of expanding the partnership with Vale. Meanwhile, OZ has advised that construction work at the Pedra Branca copper and gold project in the Carajas region will commence in December.
OZ MINERALS LIMITED – ASX OZL, VALE SA, FORTESCUE METALS GROUP LIMITED – ASX FMG, EVOLUTION MINING LIMITED – ASX EVN, NEWMONT GOLDCORP CORPORATION
Original article by Sue Mitchell, John Kehoe
The Australian Financial Review – Page: 1 & 16 : 26-Nov-19
Some federal politicians have expressed concern about China Mengniu Dairy Company’s proposed acquisition of milk processor Lion Dairy & Drinks. Labor senator Kim Carr says the $600m deal should be subject to a number of conditions to ensure that jobs and processing facilities in regional areas are protected. Nationals MP Barnaby Joyce is concerned about China’s "creeping acquisition" of dairy-related assets in Australia, while independent MP Andrew Wilkie says ownership of Australia’s leading brands is becoming increasingly concentrated. Farmers say the deal should be conditional on a floor price for the farm gate price of milk.
LION-DAIRY AND DRINKS PTY LTD, CHINA MENGNIU DAIRY COMPANY LIMITED, AUSTRALIAN LABOR PARTY, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, BELLAMY’S AUSTRALIA LIMITED – ASX BAL, KIRIN HOLDINGS COMPANY LIMITED, DAIRY CONNECT LIMITED, MURRAY GOULBURN CO-OPERATIVE COMPANY LIMITED, SAPUTO INCORPORATED
Original article by Lilly Vitorovich
The Australian – Page: 19 : 26-Nov-19
The Australian Competition & Consumer Commission will shortly rule on Bauer Media’s proposed acquisition of Pacific Magazines. Bauer is said to be identifying roles that will be duplicated if the merger is approved, with a view to downsizing the combined workforce. Bauer CEO Brendon Hill has declined to comment. There has been speculation that Bauer may sell its magazines business to private equity firm Mercury Capital.
BAUER MEDIA AUSTRALIA PTY LTD, PACIFIC MAGAZINES PTY LTD, SEVEN WEST MEDIA LIMITED – ASX SWM, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, MERCURY CAPITAL PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS
Original article by Max Mason
The Australian Financial Review – Page: 20 : 22-Nov-19
Prime Media Group chairman John Hartigan says the federal government is not acting quickly enough on reforms that will allow consolidation in the media sector. He has warned that Seven West Media’s takeover bid is crucial for the survival of both Prime and regional journalism. Australian Community Media’s executive chairman Antony Catalano has queried this claim, arguing that Prime should therefore have undertaken a formal sale process to allow other potential buyers to make an offer.
PRIME MEDIA GROUP LIMITED – ASX PRT, SEVEN WEST MEDIA LIMITED – ASX SWM, AUSTRALIAN COMMUNITY MEDIA
Original article by John Stensholt
The Australian – Page: 19 : 21-Nov-19
Businessman Antony Catalano says Seven West Media’s takeover offer for regional affiliate Prime Media Group is close to fair value, but he has urged Seven to increase the offer to make it both "fair and reasonable". An independent expert’s report has concluded that the $63m bid is "not fair but reasonable". Catalano and Alex Waislitz bought Australian Community Media earlier in 2019. Waislitz says there is potential for Prime to share newsroom and advertising resources with ACM, and he has urged Prime shareholders to consider alternatives to the Seven deal.
SEVEN WEST MEDIA LIMITED – ASX SWM, PRIME MEDIA GROUP LIMITED – ASX PRT, AUSTRALIAN COMMUNITY MEDIA, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, THORNEY OPPORTUNITIES LIMITED – ASX TOP, THORNEY TECHNOLOGIES LIMITED – ASX TEK
Original article by Peter Ker, Brad Thompson
The Australian Financial Review – Page: 16 : 19-Nov-19
Saracen Mineral Holdings MD Raleigh Finlayson believes that gold production at Kalgoorlie’s Superpit will continue for many years, noting that much of the mineralisation to the south of the mine has yet to be explored. Saracen will fund its $1.1bn acquisition of Barrick Gold’s 50 per cent stake in the mine via a $796m capital raising and a $450m debt facility. The gold price was trading at around $US1,467 an ounce on 18 November.
SARACEN MINERAL HOLDINGS LIMITED – ASX SAR, BARRICK GOLD CORPORATION, NEWMONT MINING CORPORATION, VAN ECK ASSOCIATES CORPORATION, WROXBY PTY LTD
Original article by Perry Williams, Nick Evans
The Australian – Page: 17 & 18 : 18-Nov-19
Sources have suggested that Saracen Mineral Holdings will seek to tap investors for more than $600m to help finance the acquisition of Barrick Gold’s 50 per cent stake in the Super Pit mine in Western Australia. Final bids for the stake were lodged on 15 November, and Barrick is expected to shortly announce Saracen as the successful bidder. The sale price is believed to exceed $1bn. Newmont Goldcorp is expected to seek a buyer for its 50 per cent stake in the gold mine.
SARACEN MINERAL HOLDINGS LIMITED – ASX SAR, BARRICK GOLD CORPORATION, NEWMONT GOLDCORP, NORTHERN STAR RESOURCES LIMITED – ASX NST