CANBERRA, Australia – Shareholders on Monday finally approved the merger of the Nine Entertainment television network and publisher of the Fairfax Media newspaper with an Australian media giant known as the Nine, although one of the shareholders was late to suspend the transaction.
Antony Catalano, former president of the Domain Group Internet portal, which is mostly owned by Fairfax, said he would ask the Federal Court on November 27 to stop the merger.
Catalano, which owns shares in the Domain and Fairfax domain, wrote to the CEO of Fairfax, Nick Falloon, on Sunday Sunday, offering 19.9 percent of shares in Fairfax and asking to be late for the Monday meeting of Fairfax shareholders.
The Board of Directors of Fairfax said on Monday that it remained unanimously for the merger with Nine.
"The letter does not contain any current proposal that could be considered by Fairfax shareholders as an alternative to the proposed scheme of the contract with Nine Entertainment," says the statement.
The merger was supported by 81.5 percent. Fairfax shareholders who represent 88.6 percent Shares. The transaction required the support of at least 60 percent of shareholders representing at least 70 percent of the shares.
Falloon said that, subject to court approval, the merger will take place on December 7 and the new entity will start trading on the Australian stock market on December 10.
The merger would give Nine shareholders 51.1 percent. Merged entity and would make Nine the main head of the new company Hugh Marks.
Fairfax shareholders will hold the remaining 48.9 percent. The company that will become the largest media player in Australia. The name of the Fairfax family, which has been part of the Australian media landscape for 177, seems to be disappearing.