News: PRT Seven West Media Enters Conditional Share Sale Deal To Prime Media Group

Nov 1 (Reuters) - Prime Media Group Ltd (PRT) :

• ENTERED INTO A CONDITIONAL SHARE SALE AGREEMENT TO ACQUIRE ALL BUSINESS AND RELATED ASSETS OF PRIME MEDIA GROUP
• VALUE OF PRT AT BID PRICE IS A$131.9 MILLION
• PRT HAS INDICATED THAT ITS BOARD INTENDS TO UNANIMOUSLY RECOMMEND TO VOTE IN FAVOUR OF PROPOSAL
• COSTS SAVINGS ARE EXPECTED TO BE FULLY REALISED WITHIN 12 TO 18 MONTHS FROM COMPLETION OF ACQUISITION
• SEES GENERATING ESTIMATED COST SYNERGIES OF A$5 MILLION TO A$10 MILLION ON AN ANNUALISED BASIS