KEY POINTS:
SYDNEY - APN News and Media says it will stay listed on the Australian and New Zealand stock exchanges after a proposed takeover bid for the company failed.
"APN News and Media today confirmed that the company would remain listed on the Australian and New Zealand stock exchanges following a vote by shareholders on a scheme of arrangement," the company said in a statement to the exchange this afternoon.
APN board chairman James Parkinson said the board would make an announcement on Monday concerning a dividend payment for 2006.
"Now that the vote is over, the board expects to make an announcement on Monday on the declaration and prompt payment of a final dividend for 2006," Mr Parkinson said.
He said the objective of APN's committee of independent directors from the outset had been to ensure all shareholders had the opportunity to consider the offer and have the right to vote accordingly.
APN chief executive Brendan Hopkins said it was business as usual.
"APN remains one of Australasia's largest listed media companies and as far as the company is concerned, it's business as usual," Mr Hopkins said.
The A$6.20 a share offer from a group led by Independent News & Media (INM), the Carlyle Group and Providence, needed the approval of 75 per cent of eligible shares that voted and at least 50 per cent of eligible shareholders who voted.
More than 79 per cent of the eligible shareholders voted in favour of the scheme, but the total number of eligible shares was below the 75 per cent majority.
- AAP
