Bruce Gordon lifts Nine Entertainment stake past $45M
Full story: https://grafa.com/en/news/australia/bruce-gordon-lifts-nine-entertainment-stake-past-45m
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Media mogul Bruce Gordon purchased an additional 47 million shares in Nine Entertainment for $45 million through his private investment company Birketu.
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The transaction expands his total economic interest in the media network past 31% while raising his voting power to 25.9%.
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The acquisition relies on Australia's corporate creep provision to build operational influence without initiating a formal takeover offer.
Billionaire Bruce Gordon increased his economic stake in Nine Entertainment (ASX:NEC) above 31% following a $45 million share acquisition.
The on-market stock purchases over the past week added 3% to his existing holding, pushing his direct voting power to 25.9 per cent alongside a 5.2% position in equity swaps.
Under local takeover legislation, major holders above 19% can acquire up to 3% of total stock every six months through the creep provision.
The expanded position provides the regional television operator with additional corporate control, including the ability to block special shareholder resolutions that require a 75% approval threshold.
Following the announcement, the Nine Entertainment share price was unchanged at $0.95.
The businessman behind WIN Corporation initially became the media network's largest equity holder after buying an initial 13% stake in 2015.
The media entity currently operates assets spanning commercial free-to-air broadcasting, subscription streaming services, outdoor advertising display units, and major national mastheads.
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