The company acquired almost 75 per cent of the group’s issued share capital, after slightly less than half of the remaining shareholders chose not to sell.
Kerry Media made a mandatory offer for the group late last year, which became unconditional earlier this month after its stake in the company passed 50 per cent (Media, 21 February).
Kerry Media made a mandatory offer for the group late last year, which became unconditional earlier this month after its stake in the company passed 50 per cent (Media, 21 February).
A source said minority shareholders may have felt that the SCMP Group’s property assets were being undervalued by Kerry Media’s offer price.
“SCMP has properties which might be better transferred to another Kerry Group company, and once they privatised it might be easier to make those transfers,” said the source.
While the SCMP Group has been hit by falling corporate notice spend, and increased competition from the internet and free daily The Standard, it remains a “highly profitable” operation, said the source.
