Finance Finance News Federal court clears Nine-Fairfax merger

Federal court clears Nine-Fairfax merger

Fairfax nine merger redundancies
The merged media giant will come at an immediate cost to jobs. Photo: AAP
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The Federal Court has approved the Nine-Fairfax merger, despite a minor shareholder’s last-minute attempt to derail the deal.

Barristers for former Domain chief executive Antony Catalano argued the Fairfax board did not give its shareholders an opportunity to consider his competing offer at last week’s annual general meeting.

Mr Catalano offered to buy up to 19.9 per cent of Fairfax shares, sell its non-core assets and be appointed to the Fairfax board.

Only Nine’s deal was put to Fairfax shareholders and more than 80 per cent voted in favour of the takeover.

Justice Jacqueline Gleeson said reasons for the decision would be published “in due course”.

Mr Catalano’s legal team said he may appeal the decision.

-ABC