Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Canwest Independent Directors Recommend Acceptance

MEDIA RELEASE
For Immediate Release
Friday, 8 June 2007

Canwest Mediaworks Independent Directors
Recommend Acceptance Of Takeover Offer

The Independent Directors of CanWest MediaWorks (NZ) Limited have unanimously recommended in the Target Company Statement sent out today that MediaWorks’ shareholders and optionholders accept the offer by HT Media Limited, a company associated with Ironbridge Capital Limited. The offer is to buy the Company’s shares at $2.33 per share and the Company’s options for a range of prices between $0.90 and $0.64. The price for shares has been adjusted from $2.43 to take account of the payment today of a special dividend of 10 cents per share.

On 8 May 2007, HT Media announced that it had signed a lock-up agreement to purchase the CanWest Group’s approximately 70% shareholding in the Company (subject to certain regulatory approval). On 15 May, it issued a Takeover Notice to acquire the remaining 30% of the Company’s shares. The Takeover Offer which has been sent to shareholders today relates to all of the shares in the Company and all of the options held by certain employees of the Company.

Chair of the Company’s Independent Directors, David Jackson, said: “Our unanimous recommendation is based upon our understanding of the sale process and after careful examination of the Takeover Offer and the Independent Adviser’s report provided by Grant Samuel.”

“The Takeover Offer followed a competitive sale process which was conducted by the CanWest Group, and concluded with a lock-up agreement being signed by CanWest MediaWorks Ireland Holdings with HT Media. Under that agreement, approximately 70% of the Company’s shares have been sold subject to the Takeover Offer becoming unconditional. This made a change in control of the Company an inevitability. Another important factor in our decision was that the Offer of $2.33 was within the value range determined independently by Grant Samuel,” said Mr Jackson.

The Target Company Statement, which includes a full copy of the Grant Samuel Independent Adviser’s Report, along with HT Media’s Takeover Offer and associated documents, has been posted to all of the Company’s shareholders today. Shareholders will have until Monday, 9 July 2007 to accept the Takeover Offer.

About CanWest MediaWorks (NZ) Limited

CanWest MediaWorks (NZ) Limited (NZX: MWL) (website: www.mediaworks.co.nz) is New Zealand’s leading private sector broadcast media company. Through its wholly owned subsidiaries, CanWest TVWorks Limited and CanWest RadioWorks Limited, it owns and operates the TV3 and C4 television networks, national radio brands The Edge, The Rock, More FM, Kiwi FM, RadioLIVE, Radio Pacific/Radio Trackside, Solid Gold and The Breeze, plus several local radio stations.

About CanWest Global Communications Corp.

CanWest MediaWorks NZ is a majority owned subsidiary of CanWest Global Communications Corp. (www.canwestglobal.com), (TSX: CGS and CGS.A), an international media company and Canada’s largest media company. CanWest is Canada’s largest publisher of daily newspapers and also owns, operates and/or holds substantial interests in conventional television, out-of-home advertising, specialty cable channels, web sites and radio stations and networks in Canada, New Zealand, Australia, Turkey, Singapore, Indonesia, the United Kingdom and the United States.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

TradeMe: Property Prices In Every Region Hit New High For The Very First Time

Property prices experienced their hottest month on record in December, with record highs in every region, according to the latest Trade Me Property Price Index.\ Trade Me Property spokesperson Logan Mudge said the property market ended the year with ... More>>

Motor Industry Association: 2020 New Vehicle Registrations Suffer From Covid-19

Chief Executive David Crawford says that like some other sectors of the New Zealand economy, the new vehicle sector suffered from a case of Covid-19. Confirmed figures for December 2020 show registrations of 8,383 were 25% ... More>>

CTU 2021 Work Life Survey: COVID And Bullying Hit Workplaces Hard, Huge Support For Increased Sick Leave

New data from the CTU’s annual work life survey shows a snapshot of working people’s experiences and outlook heading out of 2020 and into the new year. Concerningly 42% of respondents cite workplace bullying as an issue in their workplace - a number ... More>>

Smelter: Tiwai Deal Gives Time For Managed Transition

Today’s deal between Meridian and Rio Tinto for the Tiwai smelter to remain open another four years provides time for a managed transition for Southland. “The deal provides welcome certainty to the Southland community by protecting jobs and incomes as the region plans for the future. The Government is committed to working on a managed transition with the local community,” Grant Robertson said. More>>

ALSO:

OECD: Area Employment Rate Rose By 1.9 Percentage Points In The Third Quarter Of 2020

OECD area employment rate rose by 1.9 percentage points in the third quarter of 2020, but remained 2.5 percentage points below its pre-pandemic level The OECD area [1] employment rate – the share of the working-age population with jobs – rose ... More>>

Economy: Strong Job Ad Performance In Quarter Four

SEEK Quarterly Employment Report data shows a positive q/q performance with a 19% national growth in jobs advertised during Q4 2020, which includes October, November and December. Comparing quarter 4, 2020, with the same quarter in 2019 shows that job ad volumes are 7% lower...More>>

NIWA: 2020 - NZ’s 7th-warmest Year On Record

The nationwide average temperature for 2020, calculated using stations in NIWA’s seven-station temperature series which began in 1909, was 13.24°C (0.63°C above the 1981–2010 annual average). New Zealand’s hottest year on record remains 2016, when... More>>

Quotable Value New Zealand: Property Market Set To Cool From Sizzling To Warm In 2021

Nostradamus himself could not have predicted the strange series of events that befell our world in 2020 – nor the wild trajectory of New Zealand’s property market, which has gone from “doom and gloom” to “boom and Zoom” in record time. Even ... More>>