October 17, 2019 / 10:47 PM / a month ago

Australia's Seven West Media to buy Prime Media Group for $43 million

Oct 18 (Reuters) - Australian broadcaster Seven West Media Ltd said on Friday it had agreed to buy Prime Media Group Ltd in an all scrip offer valued at A$63.8 million ($43.55 million).

Prime shareholders will receive 0.4582 Seven West shares for each Prime share they hold. That values each Prime share at about A$0.174, which represents a discount of 3.3% to Prime’s last closing price.

Prime’s board said it was backing the offer in the absence of a superior bid.

$1 = 1.4650 Australian dollars Reporting by Rashmi Ashok in Bengaluru; editing by Jane Wardell

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