Mumbrella reports…
Pacific Magazines is taking Bauer Media to court over the $40m acquisition of its business which was given the green light last month.
The takeover was scheduled to be completed on Thursday, with Seven West Media’s magazine arm now seeking support from the courts to ensure the deal goes ahead.
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In an update to the Australian Securities Exchange (ASX) today, Seven advised it has received an email from Bauer’s solicitors saying: “Bauer is aware of its obligations under the Sale of Business Agreement and, as you
know, has been actively engaged since October 2019 in preparing for completion”.