Seven nods $3bn merger with WesTrac
Shareholders of Seven Network media group on Tuesday approved the planned merge with privately-owned earthmoving giant WesTrac after deliberating on the move for two-and-a-half hours.
Seven deputy chairman Peter Ritchie and executive director Bruce Williams the deliberation sometimes took an ugly twist as most of those who attended provided mostly negative reactions to the $3bn merger.
But proxy votes from retain and institutional investors saved the merger who voted strongly for the deal. But the deal has to be approved by the Federal Court on Friday to make it final.
An estimated 30% of Seven shareholders took part in the vote, representing some 62% of the voting equity-holders and 88% of the voted shares.
Under the terms of the agreement, Seven Network's media platforms, including stakes in the Seven television network, West Australian Newspapers Holding and Foxtel part-owner Consolidated Holdings, will be merged with WesTrac's Caterpilar tractor and heavy equipment dealership group which in Western Australia, NSW, the ACT and in northeast China.
Trading of Seven shares was suspended until the final votes are counted. Kerry Stokes, executive chairman of Seven Network, was not present during the vote.