CanWest agrees to sell its stake in CanWest MediaWorks (NZ) Limited
2007年5月8日 - 6:30AM
PRニュース・ワイアー (英語)
Expects gross proceeds of approximately NZ$386 million (C$314
million) WINNIPEG, May 7 /PRNewswire-FirstCall/ -- CanWest Global
Communications Corp. announced today that its subsidiary, CanWest
MediaWorks Ireland Holdings (CMIH), had entered into a lock up
agreement with HT Media Limited, a wholly owned subsidiary of
certain funds managed or advised by Ironbridge Capital Pty Limited,
an Australian private equity firm, to sell all of the shares of
CanWest MediaWorks (NZ) Limited (MWL) that it holds for a cash
price of NZ$2.43 per share. This represents an enterprise value of
NZ$727 million and a 49% premium to the closing trading price
(NZ$1.63) of the MWL shares on October 20, 2006, the day prior to
the announcement of CanWest's decision to reconsider its ownership
in MWL. Entry into the lock-up agreement and the per share price
were the result of a competitive process conducted by CanWest and
its advisors over recent months. CMIH expects to receive aggregate
gross proceeds of approximately NZ$386 million (approximately C$314
million at current foreign currency exchange rates) for the 158.6
million ordinary shares that it owns in MWL. Pursuant to the lock
up agreement, HT Media Limited has agreed to make a take over offer
for all of the ordinary shares and outstanding options of MWL. The
take over offer notice is expected to be delivered to MWL within 7
days, and the offer will be made within 30 days after delivery of
the notice. CMIH has agreed to accept the offer and will tender all
of its MWL shares to the offer. The takeover offer will be subject
to a minimum acceptance condition of 50% and the approval of the
proposed acquisition by New Zealand's Overseas Investment Office.
CMIH holds approximately 70% of MWL's issued shares and its
acceptance of the offer will fulfil the minimum acceptance
condition. "We are extremely pleased with the agreement that we
have reached for the sale of MWL," said Tom Strike, President of
CanWest MediaWorks International. "For the last 15 years, we've had
the privilege of owning and operating what we believe are New
Zealand's premier media brands - taking TV3 from the brink of
bankruptcy in 1992 to MWL's success today. We wish to thank MWL's
management and staff for their efforts in creating a large and
important force in New Zealand media." "We have every confidence
that MWL will continue as New Zealand's pre-eminent media company
under its new owner," he continued. Leonard Asper, CanWest's
President and Chief Executive Officer, said "For CanWest, this
transaction allows us to further our objective of reducing debt and
redeploying capital consistent with our corporate strategy. By all
financial and other measures, MWL has been an outstanding
investment for the Company over the last 15 years." Citigroup
Global Markets Australia Pty Limited acted as financial advisor and
Russell McVeagh acted as legal advisor to CMIH on the transaction.
This news release contains certain comments or forward-looking
statements that are based largely upon the Company's current
expectations and are subject to certain risks, trends and
uncertainties. These factors could cause actual future performance
to vary materially from current expectations. CanWest Global
Communications Corp. (http://www.canwestglobal.com/), an
international media company listed on the TSX (trading symbols: CGS
and CGS.A) and NYSE (trading symbol: CWG), is Canada's largest
media company. CanWest is Canada's largest publisher of daily
newspapers, and owns, operates and/or holds substantial interests
in free-to-air and subscription-based television networks,
out-of-home advertising, web sites, and radio stations and networks
in Canada, New Zealand, Australia, Singapore, Turkey, the United
Kingdom and the United States. DATASOURCE: CanWest Global
Communications Corp. CONTACT: Deb Hutton, SVP, Corporate
Communications, CanWest Global Communications Corp., (416)
383-2442,
Copyright