Fairfax Shareholders Approve Merger With Nine, As Catalano Plans To Try & Block Deal In Court

Fairfax Shareholders Approve Merger With Nine, As Catalano Plans To Try & Block Deal In Court

Shareholders of Fairfax Media have voted overwhelmingly in favour of the merger with Nine, despite an attempt by former Domain CEO Antony Catalano to shut down the deal.

The results of Fairfax’s scheme meeting this morning saw 81.49 per cent of its investors voting in favour of the merger, while 18.5 per cent were against it.

Prior to the shareholder vote, Fairfax chairman Nick Falloon acknowledged the company had received a letter from Catalano (pictured above) late last night, who wanted to block the merger by purchasing 19.9 per cent of Fairfax shares and returning cash to shareholders by selling non-core assets.

However, Fairfax said Catalano’s offer was not able to be considered as an alternative to the deal with Nine because it “[did] not constitute a superior proposal”.

It means now that the Nine-Fairfax merger only requires approval from the Federal Court to go through, which will take place on 27 November.

Assuming it gets the go-ahead, the new company, which will be known as Nine, will begin operating on 10 December. But, according to The Australian Financial Review, Catalano plans to challenge the merger in court next week.

Following Fairfax’s scheme meeting, Falloon said shareholders “clearly see the potential” of holding onto their stake in the company “while participating in the combination benefits with Nine”.

“We believe the merged businesses will deliver a stronger, digitally-focused media organisation with a compelling multi-platform audience reach,” he said.

“Thank you to everyone at Fairfax who has worked so hard to put our company in this strong position.”

Fairfax CEO Greg Hywood described shareholders’ approval of the merger as a “momentous” occasion for the company.

“The company is entering the next phase in its more than century-long development,” he said.

“Our businesses and our journalism are well-positioned to continue to be the most compelling voices for the years ahead.

“The combined group’s increased scale of audiences and marketing platforms will drive value creation and deliver long-term benefits to shareholders.”

A Nine spokesperson said the result of the Fairfax scheme vote was “an endorsement of the opportunities this merger presents for both companies’ shareholders, our collective staff and for our clients and partners”.

“We are now working very hard to realise the cost synergies and explore revenue opportunities that will enable us to continue to invest in great Australian content and journalism,” the spokesperson said.




Please login with linkedin to comment

Antony Catalano Fairfax Fairfax Media Nine

Latest News

Archibald Williams Wins NBA Digital, Activation & Fan Engagement Accounts For APAC
  • Media

Archibald Williams Wins NBA Digital, Activation & Fan Engagement Accounts For APAC

Independent brand and digital agency, Archibald Williams (AW) has been appointed to lead the NBA account across the APAC region. The NBA is one of the most prestigious sporting leagues in the world and basketball is one of the fastest-growing sports in Australia. Effective immediately, AW said it was “excited” to work across all digital, […]

QMS Champions Creativity As First Most Contagious APAC 2023 Sponsor
  • Advertising

QMS Champions Creativity As First Most Contagious APAC 2023 Sponsor

Leading digital outdoor company QMS has announced it is the first-ever inaugural partner for Most Contagious APAC, the landmark London event by creative and strategic intelligence company Contagious, which will be showcased in Australia on Tuesday, 12 December in Sydney and Wednesday, 13 December in Melbourne. Most Contagious is an event that delivers key advertising […]

OMG’s Annalect First To Get Meta’s Advanced Analytics
  • Technology

OMG’s Annalect First To Get Meta’s Advanced Analytics

Omnicom’s data and analytics division Annalect has partnered with Meta, giving it access to Advanced Analytics (AA) – one of Meta’s privacy-focused measurement solutions – to provide Omnicom’s clients with future-proof, next-level measurement. Omnicom is the first holding company to have access to AA. AA allows advertisers to combine their first-party data with Meta’s ads […]

AKQA Launches Eco-Conscious AI DIY Assistant Encouraging People To Gift More Sustainably
  • Technology

AKQA Launches Eco-Conscious AI DIY Assistant Encouraging People To Gift More Sustainably

WPP’s AKQA has launched Fixmas.gift, an environmentally conscious AI-powered DIY assistant, affectionately known as Fixie, for a one-stop solution for all things repair. Fixmas.gift hosts an array of guides and inspiration to empower people to prolong the lives of their belongings or purchase pre-owned items that need a little love and care. Fixie can: Help […]

Marc Collister: AI & Automation Set To Revolutionise Creativity In 2024
  • Opinion

Marc Collister: AI & Automation Set To Revolutionise Creativity In 2024

Marc Collister (pictured) of P2 Content Creators spills the beans on his 2024 predictions drawing from two decades of experience in the advertising, film and television industry. I’m certain it will come as no surprise that in 2024, we can expect our industry to move at breakneck speed again. With even more rapid shifts in […]

Opinion

by B&T Magazine

B&T Magazine
Zeno Group Australia Bolsters Client Offerings With An Expanded Creative Services Portfolio & New Senior Leader
  • Marketing

Zeno Group Australia Bolsters Client Offerings With An Expanded Creative Services Portfolio & New Senior Leader

Zeno Australia has announced expanded creative design capabilities and the appointment of Jim Michell (lead image) to its senior leadership team. The new moves support strong growth in the region. Zeno Australia’s clients, including Abano Healthcare, Motorola and Yorkshire Tea, can now tap into a suite of creative design services to augment the agency’s work […]

Assembled Media Inks TikTok Creator Campaign for BIC
  • Campaigns

Assembled Media Inks TikTok Creator Campaign for BIC

Assembled Media, is drawing upon the creative power of TikTok Creator Marketplace to help generate unique, impactful content for iconic stationery brand, BIC. The social activation campaign titled ‘A Pen for Every Side of You’ promotes the flexibility of BIC’s 4 Colours pen and is active nationwide on the BIC Stationery TikTok account. The campaign […]

Big data and analytics visualization technology with scientist analyzing information structure on screen with machine learning to extract predictions for business, finance, internet of things
  • Media

IAB Launches Fourth Module In Its Marketing Measurement Innovation Series

IAB Australia has launched ‘Evolution in Market Mix Modelling’, the fourth module in its Marketing Measurement Innovation Series, which has been developed by IAB Australia’s Ad Effectiveness Council. The module explores what is driving the increased use of MMM and how the technique is evolving with advances in computing power and machine learning to provide […]

Aerial view of a coal fired power station with large cooling towers emitting co2 into the atmosphere. With its lights already turned on the power station is illuminated in moody twilight.
  • Media

Scope3 Expands Carbon Measurement Capabilities To Include DOOH Advertising

Scope3, the collaborative sustainability platform leading the decarbonisation of media and advertising,  announced the addition of digital out-of-home (DOOH) to its emissions measurement. With DOOH ad spending predicted to grow from $17B in 2023 to nearly $24B by 2028, measuring this channel brings us one step closer to understanding the total impact of digital advertising […]

January 14, 2023 - New York, New York, USA: 2023 NRF Big Show press conference with Composition 2024 NRF Singapore.    Photo by Ian Wagreich / © Ian Wagreich Photography
  • Marketing

Now Open For Registration – NRF 2024: Retail’s Big Show Asia Pacific

NRF 2024: Retail’s Big Show Asia Pacific, is now open for online registrations for the main conference. Jointly organized by the National Retail Federation and Comexposium, Retail’s Big Show Asia Pacific will take place from 11 – 13 June, 2024 at the Sands Expo and Convention Centre in Singapore and is expected to draw thousands […]