Ironbridge tries to mop up rest of MediaWorks

Australian private equity company Ironbridge Capital has launched its higher offer for CanWest MediaWorks in its second tilt for the company, after shareholder Brook Asset Management agreed to sell.

Ironbridge subsidiary HT Media is offering $2.68 a share in cash for the remaining 17.4 per cent of MediaWorks shares it was unable to buy at $2.33 a share.

Brook has agreed to sell its 8.7 per cent stake into the higher offer, pushing Ironbridge over the 90 per cent threshold for compulsory acquisition of all remaining shares.

The increased offer took the weighted average acquisition price for MediaWorks to $2.39 a share.