HT Media Limited (HT Media) today announced its intention to make an offer to acquire all the shares it does not own in MediaWorks NZ Limited (MediaWorks) at a price of NZ$2.68 per share.

HT Media successfully acquired an 82.6% shareholding in MediaWorks through its previous takeover offer of NZ$2.33 per share (excluding the 10 cents per share special dividend). The decision to make a new offer follows the entry into a Lock-up agreement with Brook Asset Management (Brook) under which Brook has agreed to sell its approximate 8.70% stake in MediaWorks into the offer.

HT Media Chairman Kerry McIntosh said: "The Lock-up agreement with Brook will take our shareholding in MediaWorks to 91.3%, enabling us to compulsorily acquire the remainder of the shares when the offer closes".

"The increased offer takes our weighted average acquisition price for MediaWorks to NZ$2.39 per share. Whilst we would have been comfortable with the company remaining listed the offer provides us with the opportunity to take the company private".

HT Media expects to deliver the offer notice to MediaWorks within 14 days and the offer will be sent to shareholders 14 days after delivery of this notice. The offer will remain open for 30 days, immediately after which the compulsory acquisition process will commence.

The offer will be unconditional and once the offer opens Brook will tender its shares into the offer under the agreed terms of the Lock-up agreement.

Contacts
Australia Justin Kirkwood Kirkwoods Corporate Relations +61 2 9231 5600	New Zealand Geoff Senescall Senescall Akers +64 9 309 5659