Melbourne commercial sport station SEN’s parent company, Pacific Star Network, has notified the Australian Stock Exchange of a trading halt, ahead of what is expected to be a merger announcement.
As we reported in November, CrocMedia has been in discussions with Pacific Star about a merger. It is not certain whether the merger will involve the whole Pacific Star operation, or just SEN.
Pacific Star also owns a range of magazines as well as other digital radio stations.
In November the company announced:
Pacific Star Network (‘PNW’) has entered into a nonbinding Term Sheet with Crocmedia Pty Ltd (‘Crocmedia’), a leading sports media content business, in relation to a proposed merger transaction. The Term Sheet provides for both PNW and Crocmedia to undertake due diligence within 30 business days, and enter legally binding final transaction documents shortly thereafter.
The merger would be effected by PNW issuing scrip consideration to Crocmedia shareholders, and would require the approval of PNW shareholders. No shareholder or group of shareholders wouldacquire positive control of PNW as a result of the merger. The merged group would be led by CEO elect Craig Hutchison.
Notification of the trading halt contains no further information at this time.
