Novus Holdings moved a step closer to completing a transaction that began in 2013 with Thursday’s Competition Tribunal ruling that Caxton could not intervene in Novus’s transaction with Media24. Without Caxton’s intervention in the tribunal’s consideration of the proposed unbundling of Media24’s controlling stake in Novus, the proceedings are expected to be completed speedily. Novus CEO Keith Vroon said he was pleased with the tribunal’s decision. Caxton had sought to intervene on the grounds Media24 had failed to provide full details about its controlling shareholder structure. The Competition Act requires companies to provide all the control structure details. The tribunal rejected Caxton’s application on the grounds Media24’s control structure was irrelevant to the proposed transaction as the transaction would result in Media24 reducing its stake in Novus from more than 60% to 19%. The tribunal said the reduced holding would mean Media24 no longer controlled Novus. The process be...
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