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Nine IPO set for December

Hedge fund shareholders favour the month as lower interest rates boost market.
By · 24 Sep 2013
By ·
24 Sep 2013
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Nine Entertainment Co's shareholders have settled on the first fortnight of December as the most logical time for a $3 billion float, The Australian reports.

According to the newspaper, US hedge funds Apollo and Oaktree favour the month as lower interest rates and strengthening global markets boost the stock market, and have also been encouraged by a lift in the local advertising market and rising business confidence after the election, which Eureka Live had alerted investors to two weeks ago in Nine's IPO Xmas present

Nine executives are meeting with possible local investors in Sydney this week about the float, which aims to raise between $800 million and $1.2 billion to pay down Nine's debt and repay Apollo and Oaktree, The Australian reports.

The news follows a deal struck between Nine and WIN Corporation that would make it easier for Nine to purchase WIN's regional television stations if the Abbott government eliminates reach rules that currently bar free-to-air TV sector consolidation.

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