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.