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Nine clears hurdle in Macquarie Media deal

Nine Entertainment Co. Holdings Ltd. increased its stake in radio broadcaster Macquarie Media Ltd. to 92.8%.

The purchase moves the Australian company past a hurdle in acquiring the remaining shares of Macquarie Media.

In August, Nine made an A$1.46 per share offer to takeover Macquarie Media through its wholly owned subsidiary Fairfax Media Ltd.

Shareholders of Macquarie Media who accept Fairfax Media's offer during the offer period will be paid A$1.46 cash per share within 21 days after the close of the offer period. The offer will close at 7 p.m. Sydney time on Oct. 14.

Shareholders of Macquarie Media who do not accept Fairfax Media's offer during the offer period will be paid the offer consideration following the end of the compulsory acquisition process.