A general meeting of shareholders at APN News & Media in Brisbane today overwhelmingly supported the acquisition of New Zealand media group Wilson & Horton, from Independent News & Media.
Some 99.4 per cent voted for the AU$809 million acquisition of Wilson & Horton. The company owns New Zealand's leading newspaper, The New Zealand Herald, and regional and community newspapers, as well as broadcasting, printing and other publishing businesses.
APN chief executive Mr Vincent Crowley, said: "The result is a strong vote of confidence in our strategy to acquire Wilson & Horton, which adds high quality assets to APN, is attractively priced for our shareholders and will significantly boost earnings per share".
APN will finance its acquisition through a combination of ordinary shares, convertible notes and bank debt. Up to 53 per cent (AU$427 million) will be contributed by IN&M through its participation in the capital raisings.
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