Kerry Stokes pursues shareholding in West Australian Newspapers
By Alisa Zykova, Monday 28 July 2008 at 21:20 :: Management :: #2003 :: rss
Media giant Kerry Stokes' Seven Network spent AU$ 41 million on Thursday to invade West Australian Newspapers' (WAN) share register. The firm's stake in WAN rose from 19.4 percent to 22.4 percent, the Herald Sun reported Friday.
An anonymous media analyst predicted that Seven will continue "creeping up WAN's share register" instead of proposing a "full-blown takeover offer," according to the Herald Sun.
Seven expended nearly $60 million on WAN shares in 2008, having bought four million new shares at $10.25 each. Three months ago Stokes and Peter Gammell, Seven director, failed at getting board seats at WAN, the Herald Sun reported.
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