News: PRT Australia's Seven West Media to buy Prime Media Group for $43 million

Oct 18 (Reuters) - Australian broadcaster Seven West Media Ltd (SWM) said on Friday it had agreed to buy Prime Media Group Ltd (PRT) in an all scrip offer valued at A$63.8 million ($43.55 million).

Prime shareholders will receive 0.4582 Seven West shares for each Prime share they hold. That values each Prime share at about A$0.174, which represents a discount of 3.3% to Prime's last closing price.

Prime's board said it was backing the offer in the absence of a superior bid. ($1 = 1.4650 Australian dollars)