A DEADLINE of September 25 has been set by Robert Kuok's Kerry Media group for assurances to be given that his purchase of a 34.9 per cent stake in the South China Morning Post group will not necessitate the company making a full bid.
In its formal statement outlining the deal yesterday, Kerry Media said it would ask the Securities and Futures Commission for the assurances.
However, if at some time in the future Kerry Media found itself under an obligation to make an offer, Rupert Murdoch's News Corp could sell its remaining 15.1 per cent stake to the firm.
Kerry Media said it had agreed with Mr Murdoch that if, within 18 months of the share agreement being finalised, Kerry Media, or a person acting in concert with it, was required under the Takeover Code to make a general offer to shareholders of SCMP, itwould offer $5.17 a share for News Corp's stake.
It would also pay News Corp interest over the period at the London Interbank Offered Rate plus one percentage point.
The statement said Kerry Media had been set up in the British Virgin Islands specifically to buy the Murdoch stake in SCMP.
