It was a genius move from Grant Broadcasters. GB should have enough cash from the original sale of its Regional network (~$300m), together with its scrip holdings, to make a hostile takeover bid for ARN, get it's Regional stations back and get the Metro stations, effectively, thrown in for free!
Such is the current rediculous state of ARNs MC.
Actually, GB only needs to convince two or three major holders to sell (just like ARN did with SXL - Oh the delicious irony that would be...), to obtain a controlling state in ARN.
I predict an interesting period ahead for ARN and if I were the CEO, CFO and Board, I don't think I'd be sleeping too soundly at night right now!
It was a genius move from Grant Broadcasters. GB should have...
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