CanWest Sells Stake In New Zealand's Mediaworks
May 9, 2007 at 5:46 AM (PT)
CANWEST MEDIAWORKS IRELAND HOLDINGS, a subsidiary of CANADA's CANWEST GLOBAL, is selling its 70% stake in NEW ZEALAND radio and TV operator MEDIAWORKS to Australian private equity firm IRONBRIDGE CAPITAL for NZ$720 million (NZ$3.43/share), with the buyer aiming at taking the company private.
But another shareholder, BROOK ASSET MANAGEMENT, announced WEDNESDAY that it had upped its stake in MEDIAWORKS from 7.3% to 8.3%, possibly complicating the IRONBRIDGE takeover (IRONBRIDGE will need 90% of the company in order to force a compulsory takeover). NROOK Exec. Chairman SIMON BOTHERWAY tells the AAP that he will wait to see that an independent expert reports about the IRONBRIDGE bid before deciding whether to sell.
MEDIAWORKS owns the TV3 and C4 TV networks and several national and local radio stations actoss NEW ZEALAND. ABN AMRO NZ and OAKTOWER PARTNERSHIP served as joint lead financial advisors and BELL GULLY served as legal advisor to IRONBRIDGE.