Kerry McIntosh, of Ironbridge, is the new chairman of MediaWorks. Photo / Paul Estcourt
Kerry McIntosh, of Ironbridge, is the new chairman of MediaWorks. Photo / Paul Estcourt
KEY POINTS:
Private equity firm Ironbridge Capital said yesterday it would not extend its takeover bid for MediaWorks beyond the closing date of Monday.
Ironbridge said yesterday it had 78.5 per cent of the TV and radio company - formerly CanWest MediaWorks.
It is seeking a full takeover of thecompany so it can take it off the sharemarket, but has said it would also be comfortable if MediaWorks remained listed.
Key to the success of the takeover will be fund manager Brook Asset Management, which, with an 8.65 per cent stake, has almost enough shares to be able to block the takeover.
Brook has refused to say whether it will accept the offer, but says it has made a decision.
Kerry McIntosh, the head of Ironbridge in New Zealand, was appointed chairman of MediaWorks last week after Ironbridge took control. MediaWorks shares closed up 2c yesterday at $2.35 - equal to the takeover price.
