City Anchorage Financial News

ARN Media has been “opportunistic” and chosen the “absolute cyclical low” in the media market to launch a surprise takeover offer if its main rival, Southern Cross Austereo, the target’s chairman says.

Protesters voiced anger over a range of issues: mass layoffs in the federal workforce, abortion restrictions, trade tariffs, and the gutting of public services. From Anchorage to Atlanta, demonstrators held signs warning of rising authoritarianism and falling living standards. “This outrageous administration is causing us to lose our allies across the world, and causing devastation to people here at home,” said Diane Kolifrath, 64, who travelled with 100 others from New Hampshire to protest in Washington. “They’re gutting our government.”

Raymond James is extending its reach to the far North as it adds two breakaways from wirehouse giants in Alaska who reportedly oversaw more than half a billion dollars in combined assets at their former firms.

₹1. The offer for sale comprises of up to 1,14,59,840 equity shares by AceVector Limited (formerly known as Snapdeal Limited) (“Promoter Selling Shareholder"); up to 22,10,406 equity shares by B2 Capital Partners and up to 1,61,70,240 equity shares by SB Investment Holdings (UK) Limited (“Investor Selling Shareholder"). Also read: IPOs next week: One mainboard, 3 SME public issues and one listing to keep primary market busy The public issue will not comprise any fresh issue of equity shares.

JSW Infrastructure said Monday that it will acquire a majority stake in PNP Maritime Services (PNP Port) from Shapoorji Pallonji (SP) Group for a cash payment of ₹270 crore. PNP Port operates multi-purpose jetties at Shahbaj, Raigad district of Maharashtra, about 20 nautical miles from Mumbai Anchorage. JSW Dharamtar Port, a wholly-owned subsidiary of JSW Infrastructure, has signed an agreement to purchase 50% of PNP Maritime Services, which is held by SP Port Maintenance, a Shapoorji Pallonji group company. The acquisition values PNP Maritime Services Port at an enterprise value of around ₹700 crore, the company said in a press statement. The 5 million tonnes per annum (MTPA) is about 20 nautical miles or 37 kilometres from Mumbai Anchorage. The company said that the PNP Port is expected to strengthen its position to provide hub-and-spoke model logistics services to its customers, which can potentially save substantial costs. JSW Infrastructure intends to upgrade the PNP Port facilities and expand its capacity from current 5 MTPA to 19 MTPA in a phased manner. «The acquisition of PNP Port is a strategic asset for JSW Infrastructure.

JSW Infrastructure will acquire controlling stake in PNP Port, a unit of Shapoorji Pallonji Group, for Rs 270 crore. The deal values PNP Port at an enterprise value of around Rs 700 crore with a current capacity of 5 million tonnes per annum (MTPA) and potential to expand to 19 MTPA. A JSW statement said that PNP Port is operating multi-purpose jetties at Shahabad in Raigad district of Maharashtra, which is about 20 nautical miles from Mumbai Anchorage.

₹700 crore. Currently, the port has a capacity of 5 million tonnes per annum (MTPA), with potential expansion to 19 MTPA. JSW Infrastructure intends to enhance and upgrade the facilities and capacity of PNP Port from 5 MTPA to 19 MTPA in a phased manner," the company said in a statement.

ARN Media’s proposed acquisition of Southern Cross Austereo has been dealt a blow, with the Takeovers Panel ruling it improperly acquired a stake in the television and radio broadcaster from fund manager Allan Gray.

Southern Cross Austereo is set to say thanks but no thanks to Antony Catalano for his proposal to acquire the radio and television broadcaster, Street Talk understands.

Local buyout firms Anchorage Capital Partners and Allegro Funds were recognised for their dealmaking efforts at the Asian Private Equity & Venture Capital Awards 2023 awards ceremony in Hong Kong on Monday night.

Australian Community Media executive chairman Antony Catalano has proposed selling some of his company’s most storied publications, including The Newcastle Herald, Illawarra Mercury and The Canberra Times, to Southern Cross Media in exchange for a major stake in the ASX-listed group.

It was only a matter of time. Antony Catalano has taken his first official step towards spoiling ASX-listed ARN Media’s plans to acquire rival Southern Cross Austereo, Street Talk can reveal.

Anchorage Capital Partners’ busy dealmakers have stocked up on more than $500 million for their fourth buyout fund, while they chase ASX-listed radio player Southern Cross Media in a tie-up with ARN Media.

The starting gun has fired on ARN Media’s $225 million takeover bid for rival radio and television broadcaster Southern Cross Austereo – but Street Talk understands the target is taking advice from a new source.

Activist investor Nick Bolton will attempt to thwart a tie-up between radio giants Southern Cross Austereo and ARN over claims the latter inadvertently breached the Corporations Act when it bought a stake in its rival.

Network Ten won’t line up to buy Southern Cross Austereo’s network of 96 regional television signals, which have in effect been put on the market after a surprise takeover offer from rival ARN.

Southern Cross Austereoexecutives are aiming to drum up wider interest to counter a takeover bid from radio rival ARN Media and private equity firm Anchorage Capital Partners lobbed last week.

It was a sudden share raid that at the time made no sense in Australian media circles. ASX-listed media company ARN Media, with Jefferies at its side, quickly bought up 14.8 per cent of its arch rival Southern Cross Austereo in June this year.

ASX-listed ARN Media and buyout fund Anchorage Capital Partners are cutting no corners in their tilt for rival radio station owner Southern Cross Media.

KIIS FM’s owner ARN Media is working with buyout fund Anchorage Capital Partners to lob a bid for rival radio station owner Southern Cross Media, Street Talk can reveal.