Nine (ASX:NEC) announces compulsory acquisition of shares in Macquarie Media

Nine Entertainment (ASX:NEC) has announced it now holds a stake of 98.64 per cent in Macquarie Media following the closure of its offer period at 7.00pm yesterday.

In August Nine put forward a $113.9 million bid for the 45.5 per cent of the Aussie media group not under its control.

Last week Nine secured more than 90 per cent of the shares in Macquarie Media, which allowed it to pursue a compulsory acquisition.

Nine says as all conditions to the offer were satisfied at its closure, the contracts resulting from acceptances are now unconditional and accepting shareholders will receive payment for their shares in
Macquarie Media shares within 21 days.

Shares in Nine Entertainment (ASX:NEC) closed 0.27 per cent higher to $1.87 yesterday.

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Source: Finance News Network