A consortium led by
Oaktree,
However, yesterday they abandoned any move to block the private takeover from proceeding.
"Having considered our position carefully, we now no longer intend to raise objections to the scheme being sanctioned at the hearing," Oaktree said yesterday.
"It is a matter of regret that despite the fact that our objections were raised in ample time for a further shareholders' meeting — or the introduction of a contingent value rights instrument — neither of these things have happened," the firm said.
Oaktree added that it now "[acknowledged] the issue with either course being taken in light of the new statements the bidder made".
On Monday the private equity buyers ruled out upping their bid or extending the expiration date ahead of the
Oaktree and its partners had hoped the
However, the FCC has yet to approve the scheme.
(c) 2019 City A.M., source