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Caxton wants merger decision reversed

May 30 2011 16:10 Sapa

Company Data

CAXTON CTP PUBLISHERS & PRINTERS LD [JSE:CAT]

Last traded 15.60
Change -0.2
% Change -0.01
Cumulative volume 93631
Market cap 6.11bn

Last Updated: 20/08/2014 at 01:16. Prices are delayed by 15 minutes. Source: McGregor BFA

NASPERS LIMITED [JSE:NPN]

Last traded 1388.00
Change 27.35
% Change 0.02
Cumulative volume 753997
Market cap 578.54bn

Last Updated: 20/08/2014 at 04:27. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - The Competition Tribunal will on Tuesday hear an application by Caxton and CTP Publishers and Printers [JSE:CAT] to review the unconditional approval of a merger between Paarl Media and Primedia@Home.

"Tomorrow at 10am, (the) Competition Tribunal will hear an application, by Caxton, to review an earlier decision of the Competition Commission in which the Commission unconditionally approved a merger between Paarl Media and Primedia (Primedia@Home)," the tribunal said on Monday.

Caxton wants the decision reversed and the merger prohibited.

Paarl Media falls under the Naspers [JSE:NPN] group of companies, while Primedia@Home is controlled by Media24.

In February, the Paarl Media Group said it had successfully acquired Primedia@Home, a direct-to-home advertising distributor.

Caxton said it raised concerns, during the Commission's investigation, that it would be negatively affected by the merger.

It claimed the Commission did not properly take these and other factors into account in reaching its decision.

The Commission has disputed Caxton's review grounds and argued that it conducted a thorough investigation and correctly analysed all relevant information and properly reached its conclusion.

Paarl Media and Primedia@Home have objected to Caxton's review application.

* Fin24 is a Naspers publication.

 
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