Rob Murray, the chair of broadcaster SCA, today retired as a board director and chair.
He brought forward his previously announced intention to retire at or before SCA’s 2024 Annual General Meeting.
Heith Mackay-Cruise, a former CEO of ACP Magazines, is the new chair.
The board says it will not appoint any new directors this financial year or while SCA continues to engage with ARN Media and Anchorage Capital Partners on a possible takeover.
Murray faced a challenge from dissident shareholders frustrated at the time negotiations were taking with ARN.
He joined SCA as an independent non-executive director in 2014 and was appointed chair in 2020.
“After more than nine years as a director and as chair since August 2020, and with SCA’s recent successful transition to a new CEO, the board agreed on succession arrangements during last year," said Murray.
“The consortium’s revised proposal, which offers an increase in the total consideration for all SCA shareholders, provides an opportunity for me to bring forward my retirement.
"I am hopeful this will also help avoid the distraction and unnecessary time, cost, and resources that would be required by the recent call by one of our shareholders for an extraordinary general meeting."
SCA has decided to "re-engage" with ARN after the competitor increased its takeover offer.
The complicated offer, made in October last year, valued SCA at $330 million, made up in part cash and part shares.
SCA shareholders would get 0.753 ARN shares and 29.6 cents cash per SCA share. ARN has now increased the ARN exchange ratio to up to 0.87 ARN shares per SCA share, subject to the satisfactory completion of outstanding due diligence.
The SCA board of directors says it has reviewed the updated deal and has unanimously determined to re-engage.
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