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Australia's Nine set to complete Macquarie Media takeover

Nine Entertainment Co. Holdings Ltd. built its stake in Macquarie Media Ltd. to 98.64% and will now complete its takeover of the radio broadcaster with the compulsory acquisition of the outstanding shares.

In August, Nine made an A$1.46 per share offer to fully acquire Macquarie Media through its wholly owned subsidiary Fairfax Media Ltd. The offer closed at 7 p.m. Sydney time on Oct. 14.

Following the closure of the offer period, shareholders of Macquarie Media who accepted Fairfax Media's offer will receive payment for their shares within 21 days. Shareholders of Macquarie Media who did not accept Fairfax Media's offer will receive compulsory acquisition notices and be paid the same consideration for their shares.

Australian media giants Nine Entertainment and Fairfax Media merged in 2018 to establish a new independent company called Nine.