CanWest raid tops 90 per cent of RadioWorks

By SIMON HENDERY

Canadian media giant CanWest's raid on RadioWorks has succeeded, with the company snapping up more than 90 per cent of the local listed broadcaster.

CanWest told the Stock Exchange yesterday that its investment vehicle, Media Investments, had received acceptances from key RadioWorks shareholders, allowing it to boost its stake in the company to 90.57 per cent - above the level it needed to trigger a compulsory full takeover.

CanWest, which also owns TV3, TV4 and the More FM network, announced its $9.35-a-share, $32.4 million raid on the 28 per cent of RadioWorks it did not already own on December 15.

RadioWorks is the country's second-largest radio company and runs the Radio Pacific, The Edge, The Rock and Solid Gold networks, plus 22 other local stations.

The head of CanWest in New Zealand, Brent Impey, said there was a "neat fit" between CanWest's locally focused metro stations and RadioWorks' networks and More's provincial stations.

Mr Impey said redundancies among the two organisations' combined 600 staff "had not been contemplated at this stage."

Media Investments' offer will remain open for acceptance by remaining shareholders until Wednesday.

The firm intends to commence the process of compulsory acquisition of the remaining shares next week.