Prime Media (ASX:PRT) agrees to $132m takeover by Seven West

Prime Media (ASX:PRT) shareholders gave enormous support in the $132 million takeover bid from Seven West Media (ASX:SWM) with 99.9 per cent approving the deal.

The meeting was chaired by the Chair of Prime, Cass O’Connor reaffirming the board’s unanimous recommendation for the deal. Shareholders’ attention was directed to the benefit of a “certain cash return vs uncertain future returns” due to “structurally difficult operating environments”.

With shareholders voting in favour, the deal allows Seven to acquire all of Prime’s assets giving shareholders as a 36c per share payout from the offer.

The move comes after the Australian Competition and Consumer Commission gave its nod for the takeover on December 9.

Shares in Prime Media (ASX:PRT) are trading 2.3 per cent higher at 45 cents while shares in Seven West Media (ASX:SWM) are trading 0.8 per cent lower at 61 cents.