Tribunal rejects Caxton intervention application in Media24 merger

Tribunal rejects Caxton’s intervention application in the Media24/Novus merger

The Tribunal has rejected Caxton’s application for leave to intervene in the merger hearings concerning the merger between Media24 and Novus.

Caxton sought to intervene on the ground that Media24 had failed to accurately notify its controlling shareholders and therefore a firm that should have been notified as an acquiring firm in the transaction was not notified. Caxton limited its basis for intervention to this ground alone after receiving undertakings from the merging parties which addressed Caxton’s additional concerns.

Caxton’s application was rejected by the Tribunal on the basis that the issue regarding Media24’s control structure was not relevant to the proposed transaction, given the merging parties’ tendered de-merger condition. In terms of this condition Media24 will sell down its existing stake in Novus to a level at which Media24 will no longer exercise control over Novus.    

Issued by:

 

Chantelle Benjamin

Communications: Competition Tribunal   

Tel (012)394 1383                                     

Cell: +27 (0) 73 007 5603  

Twitter: @comptrib                                       

E-Mail: chantelleb@comptrib.co.za

 

On Behalf Of:

Lerato Motaung                                                   

Registrar: Competition Tribunal                                        

Tel: (012) 394 3355                                             

Cell: +27 (0) 82 556 3221                                              

E-Mail: LeratoM@comptrib.co.za