Macquarie Media’s board has been lashed for endorsing Nine Entertainment Co’s below-market takeover bid, with Centennial Asset Management’s Matthew Kidman claiming the radio group is worth substantially more than the offer on the table.
Mr Kidman believes that a bid "somewhere north of $1.70 up to $2 would’ve been more appropriate" when considering the value of the cost savings and potential earnings lift when the advertising market recovers.