APN News and Media shareholders in Brisbane overwhelmingly supported the acquisition of New Zealand media group, Wilson and Horton, from its largest shareholder Independent News and Media. The decision was taken at an EGM on Friday.
Earlier this week, INM shareholders had approved the sale of Wilson and Horton. The arrangement will reduce the Independent's debt and positions APN to make a bid for the Australian Fairfax group.
APN will acquire Wilson and Horton for a cash consideration of $809 million Australian dollars, to be financed through a combination of ordinary shares, convertible notes and bank debt.
