Hot Stocks News Austereo (AEO)

Austereo AUS ASXAustereo (AEO) is a leading commercial radio broadcaster in Australia.  The group operates three key national radio networks; Today, Triple M and two joint venture stations in Canberra and Newcastle.

On 31 January, AEO has accepted a $741.3 million takeover from Southern Cross Media (SXL).  The offer comprises $2.00 cash per AEO share, plus a 5 cent dividend declared by AEO.

If the offer reaches the 90% compulsory acquisition threshold, the offer’s combined value amounts to $2.15 per share.

SXL advised it will launch a capital raising to help fund the deal.  AEO skyrocketed 10.6% on the day of the offer, making it one of hot stocks in the day’s market action.

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