Seven West Media, which took Bauer Media to court over the sale of Pacific Magazines, says the $40 million deal will go ahead.
The broadcaster has agreed to a revised completion date of May 1. "All other terms of sale are unchanged," Seven West told the ASX.
The agreement was due to be completed today, after being cleared by the Australian Competition and Consumer Commission (ACCC).
However, Seven yesterday confirmed court action to ensure the transaction is completed: “Seven instituted court proceedings in the NSW Supreme Court yesterday to compel completion. Seven has received an email from Bauer’s solicitors saying ‘Bauer is aware of its obligations under the Sale of Business Agreement and, as you know, has been actively engaged since October 2019 in preparing for completion’.”
AdNews asked Bauer for comment.
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