Seven Network (SEV) announced today that it now has a 93% interest in Unwired Group and will move to compulsorily acquire the remaining 7% of the target's shares.
The 93% was acquired through Seven subsidiary Network Investment Holdings the close of the offer period at 7pm last night.
"Network and its associates have a relevant interest in 93 per cent of the Unwired shares and, as the applicable thresholds have been reached, compulsory acquisition of the outstanding Unwired shares will proceed," Seven said in a statement
Seven announced the $127 million takeover bid in late September, offering the company 45 cents per share to acquire 100% of the Unwired interests.
A month later Seven raised the bid to 50 cents per share, eager to acquire the high speed, wireless, Wimax broadband spectrum controlled by Unwired.
Unwired Directors unanimously recommended that its shareholders accept the Offer
Analysts believe Seven will use spectrum as a new content delivery platform.
Shares in Seven fell by 1% by 12:15PM AEST to trade down by 12 cents at $12.63.
