The Supreme Court of New South Wales has approved Southern Cross Media Group's (ASX:SXL) proposed acquisition of Seven West Media (ASX:SWM), with trading in Seven West shares set to be suspended at the close of Christmas Eve.
Seven West Media said it expects to lodge an official copy of the court orders with the Australian Securities and Investments Commission on Dec. 24, at which point the merger will become legally effective.
If the scheme proceeds as planned, Seven West shareholders will receive 0.1552 Southern Cross shares for each Seven West share held as of Dec. 30, with the implementation date expected on Jan. 7, 2026.
Shares in Seven West rose 4.2% to 12 cents on Dec. 23, narrowing total losses for the year to 10.7%, though the Channel 7 owner has fallen 62% over the past five years.